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HSBC predicts flurry of bond offerings from Abu Dhabi firms

HSBC Holdings has said it expects a flurry of bond offerings in the second half, including from prime sovereign-linked Abu Dhabi names yet to tap the market in 2012, Reuters has reported. Debt issuance from the Gulf region has held up well so far this year, as a turn to Islamic bonds - with their specific liquidity pool - and strong local liquidity helped confound volatile markets which stymied other emerging market borrowers, HSBC said. "Can we see a dozen (deals in our pipeline) materialise in next six months? Yes, it's likely," Georges Elhedery, head of global markets, Mena, at the UK-based lender told the news service. During May, the only two dollar-denominated bonds issued in emerging Europe and MEA, were both from Middle East, while total bond issuance from the region in the first half year was up 51% on the same period last year at $16.9bn, the report said.