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FAB takes USD 800 mn bonds to the market: First Abu Dhabi Bank (FAB) raised USD 800 mn from the sale of its five-year unsecured floating green Formosa bonds on Taiwan’s Taipei Exchange and the London Exchange, the International Financing Review reports. The issuance was priced at the Secured Overnight Financing Rate (SOFR) plus 105 basis points, securing a credit rating of Aa3.
The issuance was met with strong demand from investors outside Taiwan, with 31% of the issuance allocated to Asian investors outside of Taiwan and 10% to offshore investors.
Where’s the money going? Proceeds from the bond sale will be used to fund or refinance FAB’s green projects.
ADVISORS: Credit Agricole Taipei branch and Standard Chartered Bank Taiwan acted as lead managers.
