DUBAI: First Abu Dhabi Bank, the United Arab Emirates' largest lender, is expected to sell $500 million in Islamic bonds on Wednesday and has begun taking orders, bank documents showed.

Initial price guidance for the sukuk was around 85 basis points over US Treasuries, according to the document from one of the banks on the deal, which is expected to launch later on Wednesday.

First Abu Dhabi bank in talks to buy EFG Hermes

Dubai Islamic Bank, Emirates NBD Capital , First Abu Dhabi Bank, KFH Capital, Saudi National Bank, Sharjah Islamic Bank, Standard Chartered and The Islamic Corporation for the Development of the Private Sector are arranging the debt sale.