ADCB closes first MENA FI flat to curve

Abu Dhabi Commercial Bank closed the first FIG deal from the Middle East this week, pricing a $750m bond flat to its secondary curve. Bankers off and even on the deal had doubted how much international interest there would be given how tight Middle East spreads are relative to the rest of the CEEMEA market. But the final order book left no doubt about demand for a region which, in a world of EM uncertainty, has stability and credit strength firmly on its side.