The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
ABU DHABI / WAM
First Abu Dhabi Bank (FAB) has issued the lowest-ever yield on any five-year Mena bank USD issuance with a $500 million five-year Sukuk issued at MS+90bps (all-in yield of 1.411 percent) through FAB Sukuk Company Limited.
The deal is FAB’s first USD benchmark offering and the first Sukuk issue globally in 2021. This offering was highly successful, attracting
a total orderbook of circa $1.5 billion which represents a three times over-subscription rate.
The deal also attracted high quality Islamic and conventional investors from the Middle East, Asia, UK and Europe. Pricing on the deal at MS+90bps represents a negative new issue premium when compared to FAB’s
January 2025 maturity Sukuk, which was trading at MS +104bps on day of deal announcement.