A $1 billion Additional Tier 1 (AT1) perpetual non-call six-year instrument at a fixed rate of 5.875 percent has been successfully issued by First Abu Dhabi Bank (FAB). The offering supports the bank’s long-term capital plan and fortifies FAB’s capital base through 2026.
More than 50 basis points tighter than the original range of 6.375 to 6.500 percent, pricing was established at 5.875 percent. This is the lowest yield on a CEEMEA conventional USD AT1 issue since May 2021, indicating the strength of FAB’s credit and its leadership in the UAE’s worldwide ban.
Achieving a $1 billion AT1 issuance at 5.875 percent in a period of market softness and elevated regional supply demonstrates the strength of FAB’s credit and the depth of investor confidence in the bank, said Felix Green, Group Treasurer, First Abu Dhabi Bank. This record order book demonstrates the ongoing attraction of our credit to international investors and strengthens FAB’s position ahead of year-end results. This transaction demonstrates outstanding cross-team cooperation across Group Treasury, Investor Relations, and Capital Markets.
Also Read:
Reinventing Entertainment: Hira Bulani’s Vision Behind MOVIEDOM
Dr. Solomon Ojeagbase: Steering Complete Sports Into A New Era Of Nigerian Sports Journalism
About Author
