First Abu Dhabi Bank has returned to the debt markets with a confident stride, pulling in £450 million from a sterling-denominated bond—its third outing this year and another sign of its steady access to global capital.
The 5.5-year senior unsecured benchmark note tightened sharply in pricing, landing at UKT +75 basis points after initial whispers around the Mid-Gilts +90bps area. The move underscored firm appetite from investors, who pushed the orderbook beyond £825 million at launch, before it settled north of £775 million.
The bond carries a 4.6965% annual coupon on a short first period, translating to a yield of 4.702%, and was reoffered at par. Credit ratings of Aa3 / AA- / AA- from Moody’s, S&P Global Ratings and Fitch Ratings align with the bank’s own high-grade standing, reinforcing its blue-chip status among fixed-income buyers.
The issuance falls under the bank’s $20 billion Euro Medium Term Note Programme and will be listed on the Main Market of the London Stock Exchange.
A syndicate of global banks steered the deal, including Barclays, Deutsche Bank, Standard Chartered and TD Securities, alongside FAB itself.
This latest sterling raise follows two January transactions that together brought in $1.5 billion, featuring a five-year Formosa bond priced at SOFR +75bps and another five-year benchmark at T+60bps.
With three deals already executed this year, FAB appears to be capitalising on receptive markets—locking in funding while investor demand remains robust and pricing conditions favourable.
