Saturday 11 August 2012

Unusual deals make for strange times for markets - The National

Markets will be alert to some of the most unusual debt deals of the year during the next few days - made all the more peculiar because they fall during the final week of Ramadan.

The National Bank of Abu Dhabi surprised many market watchers on Monday with a US$750m (Dh2.7bn) bond sale in the middle of the Holy Month, typically a period when deals are postponed as bankers in the Middle East jet off on their holidays.

But if some local investors were absent, the Asians were not, taking up to a third of the offer, according to the banks involved in the bonds.

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