First Abu Dhabi Bank Issues Sukuk Worth USD 500 Million with 5-year Tenure 

First Abu Dhabi Bank (FAB), the largest lender in the United Arab Emirates (UAE), announced the launch of a five-year, USD 500 million Sukuk. The issue was met with robust demand, leading to it being priced tighter than initially expected on the 9th of January 2023.

Why it Matters?

The spread on the Sukuk was initially set at 90 basis points (bps) over U.S. Treasuries (UST) at the time of the offering's launch. However, due to the receipt of orders totaling over USD 1.35 billion, the spread was tightened from the final guidance of approximately 95 bps.

Details

The joint lead managers on the transaction were Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, KFH Capital, Sharjah Islamic Bank, Standard Charter...