BBVA, Citi, Credit Agricole CIB, Natixis, Royal Bank of Scotland and Societe Generale acted as bookrunners for this bond issue
Dubai -- The Government of Ras Al Khaimah is in the process of raising funds through a benchmark-size bond issue
, banking industry sources said.
GIB's Riyadh Branch appointed GIB Financial Services (GIBFS) as the mandated lead arranger of the bond issue
The five year bond issue
has been priced at 110 basis points over Saudi Interbank Offer Rate (Sibor).
The plan for choosing underwriters for the bond issue
-- which will partially fund construction of a new Los Angeles Police Department headquarters -- was approved despite concerns that it could cost the city more money.
Alfredo Puerta, an investment manager with the Caracas brokerage house EconoInvest, also sees more bond issues
, even for some small and medium-sized companies.
Finally, the minister of northern development and mines signs off on the project and bond issues
In September the firm broke new ground as sole lead manager in a 10-year $300 million investment-grade bond issue
by Coca-Cola Enterprises Inc.
If the bond issues
fails to pass, the highway department will continue with its current schedule of road construction.
Thus, while financial managers are now more likely to consider maturity length in structuring a new bond issue
for sale, it can be expected that duration will gradually supplant maturity as a consideration.
As a result, following the additional bond issue
later in 2007 MADS will be higher than expected when Fitch issued the original rating.
The huge refinancing needs in the region are going to result in more bond issues
and also provide bond as an opportunity for investors.