New Issue: Abu Dhabi's First Gulf Bank sells $500 million 3¼% notes due 2019 at 180 bps spread

By Christine Van Dusen

Atlanta, Nov. 5 - Abu Dhabi's First Gulf Bank PJSC priced a $500 million issue of 3¼% notes due Jan. 14, 2019 (A2//A+) at 99.274 to yield 3.405%, or mid-swaps plus 180 basis points, a market source said.

The notes were initially talked at a spread in the mid-swaps plus 185 bps area.

BofA Merrill Lynch, Citigroup, Deutsche Bank, HSBC Holdings and First Gulf Bank were the bookrunners for the Regulation S-only deal.

The notes include a change-of-control put at 100%.

Issuer:	First Gulf Bank PJSC
Amount:	$500 million
Maturity:	Jan. 14, 2019
Description:	Notes
Bookrunners:	BofA Merrill Lynch, Citigroup, Deutsche Bank, HSBC Holdings, First Gulf Bank
Coupon:	3¼%
Price:	99.274
Yield:	3.405%
Spread:	Mid-swaps plus 180 bps
Change-of-control put:	100%
Trade date:	Nov. 5
Settlement date:	Nov. 14
Ratings:	Moody's: A2
	Fitch: A+
Distribution:	Regulation S only
Price talk:	Mid-swaps plus 185 bps area

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