iPhone | iPad
Android
Huawei
The Meteorological Organisation that it is closely monitoring what is being circulated on social media
KT APPDOWNLOAD
FAB issues CEEMEA’s lowest ever yielding public GBP issuance
Second GBP-denominated bond offering, following its inaugural GBP issuance in February 2020, is maintaining the bank’s position as the only CEEMEA FI issuer in the GBP market
First Abu Dhabi Bank (FAB) has achieved the lowest-ever yield and coupon on any public GBP-denominated bond issued in CEEMEA, having priced a GBP 400 million short five-year bond priced at G+98bps.
The transaction marks FAB’s return to the GBP market following its debut GBP bond issuance in 2020 and represents the first GBP-denominated bond issuance out of CEEMEA in 2021. The offering was welcomed by investors – the orderbook peaked at circa 2.125x oversubscription rate. The transaction attracted strong demand especially from high-quality real money accounts based in the United Kingdom, enabling FAB to further diversify its existing investor base. This was attested to by the robust diversification with 93 per cent of the transaction allocated internationally.
The offering priced at G+98bps, inside FAB’s secondary GBP curve, thereby allowing the bank to effectively re-price its curve. In addition, on a swapped basis, this transaction allowed FAB to raise funding inside its USD curve. More specifically, the transaction priced at an all-in yield of 0.969 per cent and a coupon of 0.875 per cent which marks the lowest-ever yield and coupon on any public GBP-denominated bond issued in CEEMEA.
Rula AlQadi, MD and head of Group Funding at FAB, said: “FAB’s issuance in the GBP market highlights our strong and unique credit story which has enabled us to successfully tap different debt markets over the last few weeks. We are pleased to achieve a strong reception from investors, allowing us to achieve the lowest-ever yield and coupon for a public GBP transaction in CEEMEA, while also further diversifying our investor base. GBP-denominated bond issuances out of CEEMEA have remained scarce, and as such FAB's recent issuance represents another milestone in developing this market for regional issuers being the only CEEMEA bank issuer to tap this pool of liquidity.”
business@khaleejtimes.com
More news from
There have been a series of school fires in the country in recent years, many of them which have turned out to be arson
Salama Alfalacy is into realistic art featuring landscapes and wildlife, while Meera Jamal Al Midfa is setting new grounds in performance art and filmmaking
Dubai Police have asked drivers to be extra cautious
The storm had already claimed the lives of at least two people in China's Hainan and 16 people in the Philippines
Dubai Police have asked drivers to be extra cautious
The former all-rounder has returned to cricket during the past year after a horrific car crash at the end of 2022
Dubai Police have asked drivers to be extra cautious