Roll up, roll up. At Dubai’s bond market, it’s the dim sum special on sale this week. At a tasty yield of 4.875 per cent, you can get yourself a slice of Emirates NBD, the Dubai-based bank’s 750m renminbi ($119m) bond, the first of any such transaction from the Gulf.
The bond, rated A3 by Moody’s Investors Service, the seventh highest investment grade, is another sign that China is gaining economic traction in its increasing important trade partner, the oil-rich Gulf.
As China targets its economic diplomacy on commodity producers, the Gulf has come into sharper focus. Under pressure to shift away from Iranian oil imports, Premier Wen Jiabao has visited the region this year to strengthen China’s foothold.
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