First Abu Dhabi Bank has successfully issued an additional perpetual Tier 1 bond worth $1 billion, which is non-callable for 6 years.
The fixed interest rate was 5.875%, which is 50 basis points lower than the initial range of 6.375% to 6.5%.
According to a statement by the bank on the Abu Dhabi stock exchange website, the interest rate represents the lowest yield for a conventional first-tier dollar issuance in the Europe, Middle East and Africa region since May 2021.
Subscription requests exceeded 3.3 times, recording the largest order book achieved by a UAE bank when issuing Tier 1 capital instruments, and the largest order book for a Tier 1 issuance in the Gulf countries this year.
