Gulf bond sales are accelerating at a faster rate than anywhere in the world as international investors buy sovereign and corporate debt from the Emirates, a senior Bank of America Merrill Lynch economist says.
Returning appetite for Dubai debt is also expected to be given a boost by the anticipated repayment by Nakheel of US$4.1 billion (Dh15.06bn) in bond principal and profit by Nakheel next month. The bond reached a record this week on expectations that it would be repaid in full.
“We have an excess of demand because we do not have that many sovereign issuances [of debt from the Gulf], so there is a good appetite for either quasi-sovereign companies or sovereign issuances, and it is going to carry on,” said Turker Hamzaoglu of BofA Merrill Lynch. “We’ve had more than $30bn of issuances so far [this year] and the UAE accounts for a big chunk of that.”
It is really incredible. Its good to hear that that Gulf Bond Sales are accelrating day by day.
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