First Abu Dhabi Bank has returned to the debt markets with confidence, sealing a $750 million five-year senior unsecured bond that drew deep global interest.
The dollar-denominated note was issued under Regulation S at a fixed coupon and yield of 4.299%, priced at par. The spread was set at 60 basis points over US Treasuries, a level tightened sharply from early guidance as investor appetite gathered pace.
Books quickly ballooned beyond expectations, closing with demand topping $2.8 billion once lead managers’ orders were stripped out. Initial pricing discussions began around Treasuries plus 95 basis points, before momentum allowed the bank to compress terms to the final level.
The deal was steered by a syndicate of international and regional banks, with Citi, First Abu Dhabi Bank, HSBC, Mashreq Bank, Societe Generale and Standard Chartered acting as joint bookrunners.
The transaction underscores continued investor confidence in high-grade Gulf issuers, even as global rates remain elevated and issuance windows are closely watched.
