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Abu Dhabi / Reuters
First Abu Dhabi Bank (FAB), the largest bank in the United Arab Emirates, has issued a $610 million Formosa bond, it said on Monday, confirming an earlier Reuters report. Formosa bonds are sold in Taiwan by foreign borrowers and are denominated in currencies other than the Taiwanese dollar. First Abu Dhabi Bank priced the deal last week, said one of the sources.
In a statement, the bank said the issue had a 30-year tenor and was callable — or redeemable by the issuer — every five years, adding the transaction would settle on January 22. Abu Dhabi Commercial Bank has also recently sold a $540 million Formosa bond, sources told Reuters last week. First Abu Dhabi Bank was created last year by the merger of National Bank of Abu Dhabi and First Gulf Bank.