UAE’s First Gulf Bank (FGB) based in Abu Dhabi has issued a $AUS250m ($228.35m) bond, maturing on 1 April 2019.

The five-year bond, which was rated A+ by Fitch Ratings and A2 by Moody’s, was priced at 5 per cent, 155 basis points above interpolated midswaps (bps).

It represents the FGB’s first bond issuance in Australian dollars.

The transaction was jointly led by ANZ (Australia/ New Zealand), HSBC (UK) and Nomura (Japan). The proceeds will be used for general funding purposes.