When Abu Dhabi's biggest bank issued a $750 million bond in August, strong investor demand underlined how well most Gulf banks are riding out the global financial crisis. The issue also sent another signal: that the region's debt market is growing strongly and, increasingly, integrating with overseas markets.
The seven-year bond from National Bank of Abu Dhabi, which attracted about $4.5 billion of orders from investors, was issued in the third week of the Muslim holy month of Ramadan. In past years, the Gulf bond market has slowed dramatically during Ramadan, as fasting traders and investors reduce their working hours. So the fact that NBAD's bond emerged during Ramadan this year showed how the market's expansion is changing
issuance and trading patterns, analysts and traders said.
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