UAE banks may refinance rather than repay debt
Banks in the United Arab Emirates may choose to refinance more than $3 billion of bonds due this year should pricing remain at current levels, as they search to extend the average maturity of their debt.
UAE banks have about $3.49 billion of bonds and sukuk maturing in 2012, according to data gathered by Bloomberg. This data also shows that Profit at UAE banks is starting to recover from the worst financial crisis since the 1930s, which curbed lending and forced them to take provisions against some of Dubai’s government-related entities.
Abu Dhabi Commercial Bank PJSC sold $500 million of five-year dollar-denominated sukuk in November.