Gulf Cooperation Council countries’ debt is “interesting” for investors because of high yields, according to BlackRock Inc., the world’s biggest money manager.
“There is a global search for yield and the GCC is an interesting place to look,” Nick Anderson, managing director for Middle East and Africa at BlackRock, told a conference in Dubai today. “You are seeing people increasingly focused on the region because there are some high yields.”
The average yield on bonds sold by GCC issuers, including Qatar and Saudi Arabia, fell 91 basis points, to 4.79% so far this quarter, according to the HSBC/NASDAQ Dubai GCC Conventional US Bond Index. Bond markets are starting to pick up in the GCC after new issuances were halted during the financial crisis as the cost of borrowing soared.
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