Qatar’s $7 billion bond sale, the biggest this year from an emerging market borrower, signals “strong” demand for debt offerings from the oil-rich region, Commerzbank AG said.
“The Qatari sale is certainly one of the biggest single transactions in the last many years,” said Luis Costa, an emerging markets debt strategist at Commerzbank in London. “The size clearly shows that there is further space for Middle East credit.”
Dubai last month raised $1.93 billion through the biggest Islamic bond sale from the Gulf region this year, while Tourism Development & Investment Co., a state-owned developer of hotels in Abu Dhabi, raised $1 billion from a five-year Islamic bond issue. Commercial Bank of Qatar, the country’s second-biggest bank by assets, sold $1.6 billion of bonds on Nov. 10.
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