February 12, 2020 / 9:50 AM / 5 days ago

First Abu Dhabi Bank starts selling sterling bonds

DUBAI, Feb 12 (Reuters) - First Abu Dhabi Bank (FAB) has begun marketing three-year sterling-denominated bonds at 115-120 basis points (bps) over UK gilts, a document showed on Wednesday.

FAB has hired Barclays, First Abu Dhabi Bank, HSBC and Nomura to lead the deal, the document said.

The debt sale, expected to closer later on Wednesday, will be of benchmark size, which generally means upwards of $500 million. The issuance is under FAB’s $15 billion euro medium-term note programme.

It follows a series of debt deals by Gulf banks, despite fund managers seeing the new coronavirus as potentially hindering regional debt issues that were already expected to be slower this year.

On Tuesday, Kuwait’s Boubyan Bank sold $750 million in five-year sukuk and Saudi Arabia’s Riyad Bank announced plans to issue dollar sukuk, while Dubai’s largest bank Emirates NBD raised $500 million in bonds on Monday.

FAB sold sukuk, or Islamic bonds, worth $500 million last month.

Reporting by Yousef Saba

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