The Gulf Arab region needs a proven secondary fixed income trading market and strong local bids before issuers warm to longer term maturities, a senior executive at Abu Dhabi-owned investment fund Mubadala says.
The region, cushioned by its oil wealth, had traditionally been averse to tapping international markets for debt. But that has changed in the past decade with Dubai taking a lead by using debt to finance its rise to a regional hub.
'This is a developing economy and before you can develop longer term issuances, you need to spend time with investors,' Matthew Hurn, head of group treasury at Mubadala, said on Wednesday.
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