Commentary & Deal Flow

Reoffer: 5yr: T+85bp / 100 / 4.859%
Benchmark: 5yr UST @ 99-12.75 / 4.009%

Final Books: > US$1.45bn (excl. JLM)

Launched: 5yr: US$700m @ T+85bp - Books > US$1.45bn (excl. JLM)
Spread set at: 5yr: T+85bp - Books > US$1.5bn (excl. JLM)
IPTs: 5yr: T+115a

• Issuer: FAB Sukuk Company Limited
• Issuer LEI: 549300JEV79SSEDKS489
• Obligor: First Abu Dhabi Bank PJSC
• Obligor LEI: 2138002Y3WMK6RZS8H90
• Credit Rating of Obligor: Aa3 / AA- / AA- (all with a stable outlook) by Moody’s / Fitch / S&P
• Expected Issue Ratings: Aa3 / AA- by Moody’s / Fitch
• Sukuk Structure: Wakala / Murabaha
• Status of the Certificates: Senior Unsecured
• Joint Lead Managers and Joint Bookrunners: Abu Dhabi Islamic Bank, Bank ABC, Dubai Islamic Bank, First Abu Dhabi Bank, HSBC, Industrial and Commercial Bank of China, KIB Invest, KFH Capital and Standard Chartered Bank
• Billing and Delivery Agent: Standard Chartered Bank
• Currency: US$
• Principal Amount: 700,000,000
• Tenor: 5 Years
• Format: Regulation S Registered Sukuk (issued under US$ 5bn Trust Certificate Issuance Programme)
• Pricing Date: 06-May-26
• Settlement Date: 13-May-26 (T+5)
• Maturity Date: 13-May-31
• Profit Rate: 4.859% per annum payable semi-annually in arrear
• Issue Price: 100%
• Reoffer Yield: 4.859%
• Benchmark: 5-year U.S. Treasury
• Benchmark Yield / Price: 4.009% / 99-12.75
• Spread to Benchmark: 85bps
• Periodic Distribution Dates: Semi-annually on 13-May and 13-Nov in each year, up to and including the Scheduled Dissolution Date, subject to the (unadjusted) Following Business Day Convention (for payment purposes only). First Periodic Distribution Date is 13-Nov-26
• Business Days: London and New York
• Principal Redemption: Redemption at par
• Specified Denominations: US$ 200,000 and integral multiples of US$ 1,000 in excess thereof
• Conditions Precedent: As per the Subscription Agreement
• Day Count Fraction: 30/360
• Governing Law: English & UAE Law
• Listing: London Stock Exchange Main Market
• Clearing: Euroclear and Clearstream, Luxembourg
• Form of Trust Certificates: Registered form evidenced by a Global Certificate
• ISIN: XS3329267721
• Common Code: 332926772
• Stabilisation: FCA/ICMA
• TOE / FTT: 14:56 UKT 06-May-26 / 08:00 07-May-26