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The United Arab Emirates' largest lender, First Abu Dhabi Bank, has launched $1 billion in Tier-2 bonds, a document from an arranging bank showed on Tuesday.
The bonds were launched at 170 basis points over U.S. Treasuries, tighter than the 200 basis points (bps) over the same benchmark released in a document earlier in the day.
Orders for 10-1/2 years non-callable for 5-1/2 years dollar-denominated bonds topped $2.8 billion, with pricing and allocation expected to happen later in the day, according to the document seen by Reuters.
(Reporting by Mohammad Edrees, Editing by Louise Heavens)