Emirates NBD, the biggest UAE bank by assets, will delay a planned bond sale until the first quarter of next year to wait for pricing to improve as investors return to regional debt markets.
The bank tested investor appetite for new debt two weeks ago in a roadshow spanning Asia, the Middle East and Europe. But despite strong interest, the bank decided not to hold the sale immediately.
“The appetite was there, but it was not quite at the price we were expecting,” said Rick Pudner, the chief executive of Emirates NBD. “We don’t need to repay and raise money that urgently.”
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