New Issue: First Abu Dhabi Bank sells $500 million 2.5% five-year sukuk at 99.879

By Rebecca Melvin

New York, Jan. 22 – First Abu Dhabi Bank PJSC priced $500 million 2.5% five-year sukuk, or Islamic bonds, (expected ratings: Aa3//AA-) at 99.879 for a yield of 2.526%, according to a regulatory release on Wednesday.

The deal was issued under a $3.5 billion trust certificate issuance program by FAB Sukuk Co. Ltd., as issuer.

Dubai Islamic Bank PJSC, Emirates NBD Bank PJSC, First Abu Dhabi Bank PJSC, Islamic Corp. for the Development of the Private Sector, Kamco Investment Co. KSCP, KFH Capital Investment Co. KSCC, NCB Capital Co., Sharjah Islamic Bank PJSC and Standard Chartered Bank were joint bookrunning managers of the sukuk, which priced on Tuesday under Regulation S.

First Abu Dhabi Bank is a lender operating in the United Arab Emirates.

Issuer:	FAB Sukuk Co. Ltd.
Obligor:	First Abu Dhabi Bank PJSC
Description:	Islamic bond
Amount:	$500 million
Maturity:	Jan. 21, 2025
Bookrunning managers:	Dubai Islamic Bank PJSC, Emirates NBD Bank PJSC, First Abu Dhabi Bank PJSC, Islamic Corp. for the Development of the Private Sector, Kamco Investment Co. KSCP, KFH Capital Investment Co. KSCC, NCB Capital Co., Sharjah Islamic Bank PJSC and Standard Chartered Bank
Profit rate:	2.5%
Price:	99.879
Yield:	2.526%
Pricing date:	Jan. 21
Settlement date:	Jan. 25
Ratings:	Moody’s: Aa3
	Fitch: AA-
Distribution:	Regulation S

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