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Monday, 22 August 2016

GCC governments issue $88b bonds in H1 of 2016 | GulfNews.com

GCC governments issue $88b bonds in H1 of 2016 | GulfNews.com:

"GCC sovereigns have been the biggest issuer of bonds so far in the year. About $88 billion (Dh322.96 billion) of the issuances have come in from sovereigns or government-related enterprises to plug the budget deficits left by falling oil prices, which contributes to 60 to 85 per cent of the government revenues. The second biggest issuers have been banks with $59 billion issues in the first half followed by power and telecom firms, among others, according to Emirates NBD.
Companies like Abu Dhabi National Energy Company issued $1 billion bonds to repay a maturing bond. Noor Bank among other banks recently listed a $500 million sukuk. On the sovereign side, Abu Dhabi issued $5 billion in early May, while Qatar issued a $9 billion euro bond issue in late May.
The one area not seeing a surge in bonds is the oil and gas sectors. They contributed only $6 billion in the first half and contributed to only 3 per cent of the total bond issuances in the GCC."



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