First Abu Dhabi Bank’s USD 500 Million Five-Year Sukuk Oversubscribed by Three Times

First Abu Dhabi Bank’s (FAB)’s inaugural USD benchmark offering of USD 500 million Sukuk, which was sold on the 7th of January 2021, has attracted a total orderbook of around USD 1.5 billion, representing a 3x over-subscription rate, according to media reports

The Sukuk, which has the lowest-ever yield on any five-year USD issuance from the Middle East and North Africa region, was issued at 90 basis points over mid-swaps, with an all-in yield of 1.411% through FAB Sukuk Company Limited.

Reported to be the first global Sukuk issuance in 2021, the deal attracted high quality Islamic and conventional investors from the Middle East, Asia, the United Kingdom and Europe. According to media reports, 53% of the investor base of the Sukuk was international, while...