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