"Two United Arab Emirates banks raised $1.3 billion from bonds sales and Morocco plans to boost the size of its existing dollar-denominated notes as Middle East issuers take advantage of falling borrowing costs.
Emirates NBD PJSC (EMIRATES) sold $1 billion in bonds that don’t mature, the second sale by the Dubai-based lender this year, according to four people familiar with the matter. Abu Dhabi Commercial Bank PJSC (ADCB) returned to the bond market for the third time this year, selling $300 million in 10-year securities, two people said. Morocco hired Barclays Plc, BNP Paribas SA, Citigroup Inc. and Natixis to manage its sale, one person said.
“It’s a good time to tap the debt market and take advantage of the low yield levels at the moment,” Hakim Azaiez, the head of investment at GCA Asset Management in London, said by e-mail today. “There is also a factor that interest rate may rise and that would be another reason for this flow of issuance.”"
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