HSBC Holdings (HSBA.L), the top arranger of debt issues in the Middle East so far this year, sees a flurry of bond offerings in the second half, including from prime sovereign-linked Abu Dhabi names yet to tap the market in 2012, a top executive said.
Debt issuance from the Gulf Arab region has held up well so far this year, as a turn to Islamic bonds - with their specific liquidity pool - and strong local liquidity helped confound volatile markets which stymied other emerging market borrowers.
During May, the only two dollar-denominated bonds issued in emerging EMEA were both from the Middle East, while total bond issuance from the Middle East in the first half year was up 51 percent on the same period last year at $16.9 billion, according to Thomson Reuters data.
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