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First Abu Dhabi Bank sells 3.6 bln Chinese yuan 5-yr Formosa bonds

First Abu Dhabi Bank, the UAE's biggest lender, has sold 3.6 billion Chinese yuan ($465.49 million) in five-year dual-listed Formosa bonds at 3.4%, it said in a statement on Tuesday.

Adds increase in size

DUBAI, Aug 4 (Reuters) - First Abu Dhabi Bank FAB.AD, the UAE's biggest lender, has sold 3.6 billion Chinese yuan ($465.49 million) in five-year dual-listed Formosa bonds at 3.4%, it said in a statement on Tuesday.

The bank increased the size from 3.25 billion yuan and said it was the biggest yuan-denominated issuance by a non-Chinese bank issuer and the biggest Chinese yuan Formosa issuance.

Formosa bonds are sold in Taiwan by foreign borrowers and are denominated in currencies other than the Taiwanese dollar.

The deal follows a 1.4 billion Chinese yuan Formosa issuance in June.

"The deal exceeded our expectations in terms of size and reflects Asian investors' strong faith in FAB's credit fundamentals and Abu Dhabi's economic strength," Rula Al Qadi, FAB's head of group funding, said in the statement.

($1 = 6.9819 Chinese yuan renminbi)

(Writing by Yousef Saba, editing by Louise Heavens, Kirsten Donovan)

((Yousef.Saba@thomsonreuters.com; +971562166204))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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