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Friday, 13 January 2017

JPMorgan Sees Fewer Jumbo Bond Deals Weighing on Gulf Sales - Bloomberg

JPMorgan Sees Fewer Jumbo Bond Deals Weighing on Gulf Sales - Bloomberg:

"JPMorgan Chase & Co., the biggest arranger of bond issues in the six-nation Gulf Cooperation Council, expects regional sales in 2017 to slip from last year’s record as some sovereigns scale back on jumbo-sized deals.

“We will probably not see the same issuers raising a similar amount this year," Hani Deaibes, JPMorgan’s head of debt-capital markets for the Gulf region, said in an interview. “Having said that, a few people stayed away from the market last year, and these issuers will consider going to the market in 2017."

A greater supply of Islamic bonds from the GCC in 2017, as investors seek to tap new pools of cash, probably won’t be enough to compensate for smaller sovereign transactions, he said. The biggest U.S. bank, which displaced HSBC Holdings Plc as the top Gulf debt arranger in 2016 after the British bank spent nine years at the peak, also expects more issues from government-related companies than last year."



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