Top Abu Dhabi Lender to Sell Bonds for Fifth Time in Two Months
(Bloomberg) -- The United Arab Emirates’ biggest bank has returned to the debt markets for the fifth time in less than two months.
First Abu Dhabi Bank PJSC on Monday hired advisers to market a euro-denominated deal, according to people familiar with the transaction. Since the start of the year, the bank has raised a combined $1.56 billion selling debt denominated in U.S. dollars, Chinese renminbi, Swiss francs and the British pound.
|FAB Debt Deals|
Gulf banks are joining a wave of global borrowing after yields crashed following unprecedented stimulus by authorities to keep economies afloat during the coronavirus pandemic.
Governments and companies in the Gulf will issue about $120 billion of dollar debt and Islamic securities this year, according to Franklin Templeton. That compares with a record $126 billion last year.
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