Monday 08, October 2018 by Kudakwashe

GIB suspends dollar-denominated bond issue

 

The bank had hired GIB Capital, First Abu Dhabi Bank as well as HSBC, Mizuho and Natixis to arrange a series of fixed-income investor meetings ahead of a potential five-year bond sale.

Bahrain's Gulf International Bank (GIB) has announced that it has decided not to proceed with a planned US dollar bond issue because of market conditions.

The lender which is indirectly owned by Saudi Arabia through the Public Investment Fud said that it was not proceeding with planned bond issue despite strong investor demand.

GIB said the move has been recognised by investors as an understandable and wise decision, reported Reuters.

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