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Monday, 6 September 2010

Deutsche Bank Vaults to Second Place in Middle Eastern Bond-Sale Rankings - Bloomberg

Deutsche Bank AG, the 17th-ranked adviser on bond sales in the Middle East and North Africa two years ago, vaulted to second place this year as credit markets in the region thawed following Dubai World’s debt restructuring.

Germany’s biggest lender advised on six bond sales worth $5.2 billion, second only to HSBC Holdings Plc, which has claimed the top spot for the past two years, according to data compiled by Bloomberg. The Frankfurt-based bank led Dar Al Arkan Real Estate Development Co.’s $450 million bond sale in February, the area’s first offering this year, as well as the Bahrain government’s sale of a $1.25 billion bond in March.

Bond sales in the Middle East are recovering after concern that Dubai World would default on its $23.5 billion of debt in November halted offerings in the region for almost three months. Companies and governments have raised $19.5 billion this year, 7 percent less than in the same period a year ago, the data show.