New Issue: Abu Dhabi’s First Gulf Bank sells $750 million 2 5/8% notes due 2020 at 100 bps spread

By Christine Van Dusen

Atlanta, Feb. 17 – Abu Dhabi’s First Gulf Bank PJSC priced $750 million 2 5/8% five-year notes (expected ratings: A2//A+) at 99.549 to yield mid-swaps plus 100 basis points, a market source said.

The notes were talked at a spread of 100 bps to 105 bps.

Citigroup, Deutsche Bank, First Gulf Bank, HSBC and ING were the bookrunners for the Regulation S deal.

Issuer:	First Gulf Bank PJSC
Amount:	$750 million
Maturity:	Feb. 24, 2020
Description:	Senior notes
Bookrunners:	Citigroup, Deutsche Bank, First Gulf Bank, HSBC, ING
Coupon:	2 5/8%
Price:	99.549
Yield:	2.722%
Spread:	Mid-swaps plus 100 bps
Trade date:	Feb. 17
Settlement date:	Feb. 24
Expected ratings:	Moody’s: A2
	Fitch: A+
Distribution:	Regulation S
Price talk:	Mid-swaps plus 100 bps to 105 bps

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