First Abu Dhabi Bank issues 1.4bn Chinese yuan formosa bond – The National

First Abu Dhabi Bank issues 1.4bn Chinese yuan formosa bond – The National

First Abu Dhabi Bank, the UAE's largest lender by assets, issued a dual-listed, 1.4 billion Chinese yuan (Dh726.4 million) five-year formosa bond.. The bond is the largest denominated in Chinese yuan from the Mena region, FAB said on Tuesday.. Formosa bonds are issued in Taiwan by foreign borrowers but are denominated in currencies other than the Taiwanese dollar.. The Abu Dhabi-based lender said its bond attracted an order book of 1.6bn yuan, enabling it to upsize the issuance to 1.4bn yuan from 1bn yuan.. "FAB has been a regular issuer in the formosa market which enabled the bank to print the largest deal from the region in this currency," the bank said.. FAB was the structuring agent on the deal, which was issued under the bank's $15bn (Dh55bn) Euro Medium Term Note programme, the bank said.. Gulf lenders, including FAB, have been actively tapping the bond markets this year.. The bank also issued a $500m sukuk earlier this year, for which the order book topped $1bn.. FAB was formed in 2017 through the merger of National Bank of Abu Dhabi and First Gulf Bank..