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Thursday, 16 March 2017

Kuwait hastens GCC market's evolution | Reuters

Kuwait hastens GCC market's evolution | Reuters:

"Bond market debutant Kuwait overcame growing fears about higher Treasury yields to sell the biggest EM sovereign deal this year, marking another big step in the Gulf region's evolution into a fully-fledged market.

Kuwait was the only Gulf sovereign - bar some of the smaller emirates that make up the UAE - not to have issued in the international markets. But all that changed on Monday when it raised US$8bn through a dual-tranche offering of five and 10-year notes.

It means that each of the region's sovereigns has an established liquid benchmark curve. "The Gulf is a serious market now," said one banker close to the Kuwait deal. "Everyone has set up DMOs or departments that manage debt. The region is allocating time, effort and people.""

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