Commercial Bank of Dubai Offers First Ever Bond Issue

By Marc Castro

May 06, 2013 01:05 PM EDT

The Commercial Bank of Dubai has handpicked three financial institutions to coordinate investor meetings before the conduct of benchmark-sized bond denominate on the US dollar. 

The bank has appointed the National Bank of Abu Dhabi, Citigroup and HSBC Holdings to spearhead the roadshow as it begins on May 9 at Singapore. This was confirmed by Reuters through a schedule and itinerary of the roadshow.

According to CBD CEO Peter Baltussen, through a statement, "The programme will help the bank to capitalize its future business opportunities and will enable CBD to benefit from an improving economic cycle in the UAE."

The deal would be subject to market conditions under the Euro medium term notes programme. Typically, benchmark sized bond issues would have a volume of US$500 million.

Gulf banks have increased bond sales this year reaching out to the voracious appetite of the market for bonds issued by financial institutions. The total year's volume for the issuance of dollar denominated bonds is at US$12 billion.

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