First Abu Dhabi Bank sells $465.49mln in Chinese yuan 5-year Formosa bonds

The deal follows a Chinese yuan Formosa issuance in June

  
Image for illustrative purposes. First Abu Dhabi Bank head office situated at Khalifa Business Park Abu Dhabi.

Image for illustrative purposes. First Abu Dhabi Bank head office situated at Khalifa Business Park Abu Dhabi.

First Abu Dhabi Bank/ Handout via Thomson Reuters Zawya

DUBAI- First Abu Dhabi Bank, the UAE's biggest lender, has sold 3.6 billion Chinese yuan ($465.49 million) in five-year dual-listed Formosa bonds at 3.4%, it said in a statement on Tuesday.

The bank increased the size from 3.25 billion yuan and said it was the biggest yuan-denominated issuance by a non-Chinese bank issuer and the biggest Chinese yuan Formosa issuance.

Formosa bonds are sold in Taiwan by foreign borrowers and are denominated in currencies other than the Taiwanese dollar.

The deal follows a 1.4 billion Chinese yuan Formosa issuance in June. 

"The deal exceeded our expectations in terms of size and reflects Asian investors' strong faith in FAB's credit fundamentals and Abu Dhabi's economic strength," Rula Al Qadi, FAB's head of group funding, said in the statement.

($1 = 6.9819 Chinese yuan renminbi)

(Writing by Yousef Saba, editing by Louise Heavens, Kirsten Donovan) ((Yousef.Saba@thomsonreuters.com; +971562166204))

More From Currencies