We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Thu 14 Oct 2010 05:35 PM

Font Size

- Aa +

HSBC Bank Mideast plans 5-year benchmark dollar bond

Dollar-denominated bond to be listed on the London Stock Exchange - source

HSBC Bank Mideast plans 5-year benchmark dollar bond
HSBC ME: HSBC Bank Middle East has an A1 rating by Moodys and AA- by Fitch Ratings. (Getty Images)

HSBC Bank Middle East plans to issue a five-year benchmark dollar-denominated bond to be listed on the London Stock Exchange, a source familiar with the matter said.

HSBC is one of the leading underwriters of debt offerings in the region.

The bond market in the Gulf Arab region is expected to take off in the coming months following last month's first sovereign bond issue by Dubai since its debt woes effectively shut regional markets.

Dubai issued a $1.25 billion bond in September with a yield of 6.7 percent for the five-year tranche, which drew about $5 billion in subscriptions.

Qatar Telecommunications Co, which launched a $500 million six-year bond and $1 billion 10-year bond last week, said it would launch another debt sale after strong investor appetite for its recent bond issuance.

HSBC Bank Middle East has an A1 rating by Moody's and AA- by Fitch Ratings. Benchmark bonds are usually at least $500 million in size. (Reuters)

Arabian Business: why we're going behind a paywall

Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.