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 are advertised.
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.
The huge refinancing needs in the region are going to result in more
bond issues and also provide bond as an opportunity for investors.
