First Abu Dhabi Bank (FAB) priced its USD 750 mn low-carbon energy bond at 65 basis points above US Treasuries, tightened from initial price thoughts of 95 bps over US Treasuries, Zawya reports. The issuance drew in some USD 2.3 bn in orders, excluding joint lead manager demand, making it over 3x oversubscribed.

The details: The issuance, which was announced earlier this week, will pay a fixed semi-annual coupon, and is set to list on the London Stock Exchange. It falls under the bank’s USD 20 bn EMTN program, with proceeds set to refinance eligible nuclear power projects under its sustainable finance framework. It’s also rated Aa3 by Moody’s, AA- by S&P, and AA- by Fitch, in line with the issuer.

ICYMI- This is FAB’s second debt issuance in as many weeks, coming just after the lender privately placed a HKD 390 mn (USD 50 mn) five-year blue bond — the first such instrument from a Gulf bank — to a dark-green investor seeking a blue-labelled product.

ADVISORS- Our friends at HSBC are acting as joint lead managers and bookrunners, alongside Bank of China, Barclays, Citi, Crédit Agricole CIB, FAB, and Standard Chartered, with Crédit Agricole CIB also acting as sole sustainability structuring advisor.

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