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Report: First Abu Dhabi Bank raises $850M through Islamic bond

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Report: First Abu Dhabi Bank raises $850M through Islamic bond

First Abu Dhabi Bank PJSC issued an $850 million Islamic bond, Reuters reported, citing a document issued by one of the banks leading the deal.

The offering was upsized from an initial $750 million after orders climbed above $2.8 billion, the newswire added. The five-year sukuk was priced at 130 basis points over mid-swaps, 20 basis points below the price initially proposed by the bank, the report said.

Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, KFH Capital, NCB Capital Co., Sharjah Islamic Bank and Standard Chartered Bank managed the issuance.