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Tuesday, 11 October 2011

MENA Bonds: Preparing for a final 4Q push - Zawya

September 2011 did its best to put a brave face on a dull third quarter. Announcements, regulations and a couple of issuances were recorded, raising hopes of a more active final quarter of the year.

As the third quarter wound to a close, the Middle East and North Africa hustled to add depth to its bond market. HSBC Middle East anticipates a USD 1 billion project bond issued with a tenor of 15 years and above out of Qatar or Abu Dhabi in the coming six months. A project bond is used to fund long-term greenfield projects which might include water, power and infrastructure.

In the GCC, the first nine months of 2011 witnessed the issue of USD 20.862 billion worth of bonds compared to USD 21.48 billion in the same period of 2010.