First Abu Dhabi Bank has tossed a fresh marker into the bond markets, and investors swarmed like it was the last ship leaving the harbor. The bank rolled out a $1 billion perpetual AT1 note—non-callable for six years—and managed to land a pricing of 5.875%, shaving down its initial whisper range that hovered notably higher.
What began as early chatter in the 6.375% to 6.50% zone quickly sharpened as demand surged. Order books ballooned past $3.3 billion at their midday peak before settling above $2.35 billion when the doors finally closed.
Structured under English law and making its home on the London Stock Exchange, this AT1 issuance didn’t just find buyers—it found an audience eager to crowd the aisles.
