Morning Commentary: Deal for First Abu Dhabi Bank on hold; markets remain volatile

By Rebecca Melvin

New York, Feb. 6 – Emerging markets players early Tuesday were watching the broader markets, which were bouncing around following a global sell-off in stocks on Monday and overnight.

First Abu Dhabi Bank PJSC’s planned five-year dollar-denominated Islamic bond was on hold as the issuer was “monitoring the markets,” a market source said.

The United Arab Emirates lender planned to issue a five-year note following meetings in London on Monday.

The broader markets saw improvement from the free fall on Monday, “but it’s all relative,” a source said. The session so far was marked by swings with no discernible trends.

The S&P 500 stock index traded in a 55-point range, and there were many low lows notched among U.S. companies, while the CBOE Volatility index remained elevated.

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