R Seetharaman, Doha Bank Group CEO delivered a keynote address on fixed income at an event hosted by Thomson Reuter’s recenlty. This event was held at La Cigale, Doha. Top business professionals, key industry players in fixed income market and experienced bankers participated in this event and spoke on “GCC economy and emerging trends in GCC Bond Market”.
He also highlighted the economic outlook of GCC economy. He stated that “GDP at current prices in 2011 will rise to 1.4 trillion reflecting a growth of 29 percent over 2010. Qatar’s real GDP will grow at a rate of 20 percent in 2011. The current account balance of GCC will be 124 percent of GDP at current prices on account of high oil prices in 2011”
He stated that: “The total size of bonds issued in 1st Quarter 2011 for GCC bonds was close $20bn with Qatar Govt being the leading issuer amounting to $13.7bn. The other major bond issues in 2011 where from International petroleum Investment company – $4.3bn, Mubadala Development company $1.5bn and Emmar properties – $0.5bn. The refinancing requirements of regional corporations in the coming years is expected to increase, with debt more than $60bn debt maturing in next 2 years. The soaring high yields in 1st quarter of 2011 due to crisis also provided opportunities. Massive projects and huge Infrastructure development in GCC will create demand for bonds”
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