Royal Bank of Scotland Group Plc expects to manage $7 billion to $10 billion of Gulf Arab bond sales next quarter, which will be the best three months for debt offerings this year for the region, a bank official said.
The bonds will be sold by governments, state-related companies, financial institutions and companies from “across the region, but dominated by the United Arab Emirates,” Simon Penney, chief executive officer for the Middle East and Africa at RBS, the U.K’s biggest government-owned bank, said in an interview in Dubai Sept. 16. The offerings will be from Abu Dhabi, Dubai and some of the country’s other emirates, he said.
Middle East debt capital market issues have been hurt this year because of the uncertainty surrounding global economic recovery and state-owned Dubai World’s $24.9 billion debt restructuring. The six Gulf Arab countries, comprising Saudi Arabia, the U.A.E., Qatar, Kuwait, Bahrain and Oman, raised $16 billion so far from 30 bond issues this year compared with $22.2 billion from 34 deals in the same period a year ago, according to data compiled by Bloomberg.
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