Fitch has also issued the $500 million EMTN programme planned by National Bank of Ras al-Khaimahwith a long-term BBB+ and a short-term F2 rating. Roadshows are under way, taking in the GCC and Asia but missing out Europe. Pricing is expected in early October. The programme is being arranged by Standard Chartered Bankand National Bank of Abu Dhabi (MEED 26:8:05).

‘In the next few months, more GCC institutions are likely to launch such instruments and possibly corporates will start issuing them,’ Simon Putt, HSBC’sdirector of debt capital markets, told the Third MEED Middle East Capital Markets conference in Dubai on 21 September. ‘In the future, we are likely to see tenors being extended and more euro issuance. Also the US market remains relatively untapped.’