First Abu Dhabi Bank has set an initial indicative price for the sale of green dollar-denominated five-year bonds.
According to Arab Net, these bonds are expected to be priced today, Thursday, at a price ranging between 145 and 150 basis points above US Treasury bonds.
A banking document showed that Citi, Deutsche Bank, First Abu Dhabi Bank, Mizuho and Standard Chartered would jointly take over the role of lead managers and book managers for the sale of the bonds.
It is worth noting that the Saudi Public Investment Fund raised $3 billion by selling the first green bonds. The fund sold bonds in 3 tranches, including the first of its kind issuance of 100-year green bonds.
The details of the three slides are as follows:
$1.25 billion for 5 years at 125 basis points, above US Treasury bills, $1.25 billion for 10 years at +165 basis points, and $500 million for 100 years at an interest rate of 6.7%.
Despite the recent increase in interest rates, they are still low at historical levels.
It is noteworthy that the CEO and Managing Director of First Abu Dhabi Bank Egypt, Mohamed Abbas Al-Fayed, said that the acquisition of Bank Audi by First Abu Dhabi Bank took place in 2021, and the phase of the complete legal merger between First Abu Dhabi Bank as a foreign bank branch and Bank Audi as an Egyptian joint stock company ended, and resulted in First Abu Dhabi Bank Egypt as an Egyptian joint stock company.
Muhammad Abbas Al-Fayed added, in an interview with Al-Arabiya, that the bank, after the merger, issued a budget for the results of the period ending on June 30, and is currently in the stage of merging the systems between the two banks and is expected to be completed in mid-October, including unifying the systems and dealing between the two banks’ branches in one system. .
The managing director of First Abu Dhabi Bank Egypt said that the number of bank branches is now 69, with assets of about 166 billion pounds on June 30, 2022, with ownership rights of about 21 billion pounds, and it has 3 times the requirements of the Central Bank of Egypt for capital worth 15.5 billion pounds.