Latest news with #FirstAbuDhabiBank
Business Recorder
a day ago
- Business
- Business Recorder
UAE's biggest bank FAB seeks to raise $480mn from secondary offering
DUBAI: First Abu Dhabi Bank (FAB), the UAE's biggest bank by assets, is looking to raise around $480 million from a secondary share sale, the bookrunner for the deal said on Friday. The selling shareholder, whose name was not disclosed, is offering around 113 million shares at a price of 15.5 dirhams ($4.22) per share through an accelerated bookbuilding, said Citi, which is acting as bookrunner. It added that books were fully covered as demand exceeded the deal size. The offer price represents a 3.7% discount to FAB shares' closing price of 16.1 dirhams apiece on Abu Dhabi's bourse on Friday. FAB, whose top shareholder is the $330 billion Abu Dhabi wealth fund Mubadala, held assets worth 1.31 trillion dirhams as of the end of March. The bank has been seeking to expand including outside of the Gulf. Two years ago it said it had considered a bid for London-listed Standard Chartered.
Bloomberg
a day ago
- Business
- Bloomberg
First Abu Dhabi Bank Shareholder Offers $480 Million Stake
A shareholder in First Abu Dhabi Bank PJSC plans to sell a roughly 1% stake in the UAE-based bank, exiting its position in the lender. The undisclosed investor is offering about 113 million shares at a fixed price of 15.50 dirhams apiece, according to terms seen by Bloomberg. The stake would be worth about 1.75 billion dirhams ($480 million) at that price.
Zawya
3 days ago
- Business
- Zawya
Abu Dhabi Commercial Bank targets popular tenor: IFR
Abu Dhabi Commercial Bank sold a US$600m five-year Formosa bond at SOFR plus 100bp, in line with final price guidance. A banker on the deal said floating-rate tranches remain popular with investors, particularly bank treasuries, and that five years is considered the "sweet spot", offering a balance between what investors want to receive and what issuers are willing to pay. Korea Housing Finance Corporation and First Abu Dhabi Bank both sold five-year Formosas a week earlier, the latter paying a spread over SOFR of 97bp. Books for ADCB grew steadily throughout the day, the banker said. The issuer decided to begin marketing at final guidance and then "solve for size". The resulting US$600m was "a good size at this price". The bonds were trading 1bp tighter on Wednesday. The Reg S bonds will be rated A+/A+ (S&P/Fitch), in line with the issuer. HSBC Bank (Taiwan) and Standard Chartered Bank (Taiwan) were joint managers. Proceeds will be used for general corporate purposes.
Zawya
3 days ago
- Business
- Zawya
Abu Dhabi's Mubadala fund markets 10-year U.S. dollar Islamic bonds
DUBAI - Abu Dhabi sovereign wealth fund Mubadala began taking orders on Wednesday for 10-year U.S. dollar-denominated Islamic bonds, or sukuk, fixed income news service IFR said. Mamoura Diversified Global Holding, the entity through which Mubadala taps debt markets, gave initial price guidance of around 95 basis points over U.S. Treasuries, IFR said. There has been a flurry of bond sales out of the Gulf, with issuers braving the markets despite recent turmoil set off by U.S. President Donald Trump's tariffs. Saudi oil giant Aramco raised $5 billion from a bond sale on Tuesday and the kingdom's sovereign wealth fund PIF sold $1.25 billion in sukuk earlier this month. Abu Dhabi Commercial Bank, First Abu Dhabi Bank , HSBC, JPMorgan and Mizuho are joint global coordinators for Mubadala's sukuk sale and are joined as bookrunners and joint lead managers by Abu Dhabi Islamic Bank, Barclays and Credit Agricole , IFR said. Emirates NBD Capital and ICBC are passive bookrunners. (Reporting by Yousef Saba Editing by Tomasz Janowski)
Reuters
6 days ago
- Business
- Reuters
Saudi Arabia's stock index rises, snapping three-day losing streak
May 20 (Reuters) - Most stock markets in the Gulf settled higher on Tuesday, with Saudi Arabia's benchmark stock index (.TASI), opens new tab snapping three consecutive sessions of decline and the Dubai main share index hitting another record high. Saudi Arabia's stock index rose 0.29%. The country's economic minister Faisal Ali Ibrahim said Saudi Arabia was ready for "multiple oil price scenarios" at the Qatar Economic Forum in Doha. "Fundamentally, the Saudi stock market remains supported by a positive economic outlook, which could lead to potential advances in the medium term, provided oil prices and external factors are favourable," said Hani Abuagla, Senior Market Analyst at XTB MENA. Oil prices - a catalyst for Gulf stocks - steadied on Tuesday amidst uncertainty in U.S.-Iran negotiations and Russia-Ukraine peace talks. Brent futures slipped around 0.4% by 1222 GMT O/R Meanwhile in UAE, Dubai's main share index (.DFMGI), opens new tab finished the day 0.44% lower after three straight sessions of gains. Abuagla attributed the move lower to profit-taking following the third-straight day of the index scaling record highs. Salik Company ( opens new tab, the UAE's toll operator, was the top loser on the index down 2.78%. Abu Dhabi's benchmark index (.FTFADGI), opens new tab closed 0.43% higher after touching its highest level since March last year, boosted by gains in the financial sector. First Abu Dhabi Bank ( opens new tab, the United Arab Emirates' biggest lender, climbed 3.25%. Qatar's benchmark stock index (.QSI), opens new tab rose 0.5% to its highest since December 31, 2023. Qatar's sovereign wealth fund (QIA) is planning to at least double its annual U.S. investments in the next decade, its CEO said on Tuesday. Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab settled 0.87% higher, with investment banking firm Beltone Financial ( opens new tab leading gains at 8.05%.
