FAB pulls trigger on landmark green bond issuance: First Abu Dhabi Bank— the UAE’s largest bank— has issued a USD 600 mn five-year green bond, the bank said in a statement on Thursday. The issuance was the third successful public issuance in the USD market by the bank and the first by a MENA financial institution this year, it said.

Details: The green bond was upsized to USD 600 mn from an initial target of USD 500 mn on the back of a 2.8x oversubscribed orderbook, the statement notes. The green bond was priced at 5 bps inside FAB's existing USD curve and was sold at 95 bps over US Treasuries. 85% of the allocation went to global investors, and green investors accounted for 34% of the issuance, representing one of the highest proportions in the market.