October 7, 2018 / 10:24 AM / a month ago

Bahrain's Gulf International Bank cancels bond due to market conditions

DUBAI, Oct 7 (Reuters) - Bahrain’s Gulf International Bank, indirectly owned by the government of Saudi Arabia through the Public Investment Fund, said it had decided not to proceed with a planned U.S. dollar bond issue because of market conditions.

“GIB has decided not to proceed with the planned bond issue due to prevailing market conditions despite strong investor demand,” the bank said in an emailed statement to Reuters.

“This has been recognised by investors as an understandable and wise decision.”

The bank had hired GIB Capital, Citigroup, First Abu Dhabi Bank, HSBC, JPMorgan, Mizuho and Natixis to arrange a series of fixed-income investor meetings, which started on Oct. 1 in London, ahead of a potential five-year bond sale.

Reporting by Davide Barbuscia; Editing by Dale Hudson

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