gulfnews : Mena bond issue volumes set to be lower this year

The aggregate prim-ary bond issues from the Middle East and North Africa (Mena) region is expected to be lower this year as high market volatility has kept a number of regional issuers from tapping the market, Andrew Dell, HSBC's head of debt capital markets for Mena told reporters yesterday.

He expects the total bond issues from the region to be around two-thirds of the volumes reported last year. In 2010, aggregate bond issuance from the Mena region exceeded $40 billion (Dh146.88 billion) and the Gulf Cooperation Council (GCC) accounted for $32 billion.

"There are a few issuance windows available before the end of the year. But the volatility is too high and we do not expect the aggregate issuance for the fully year to reach last year's level," said Dell.

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