Worldwide sukuk issuance set for modest decline despite COVID-19: Moody's | ZAWYA MENA Edition:
Sukuk issuance worldwide could fall by just five percent this year despite the COVID-19 outbreak, reversing four consecutive years of rapid growth, Moody's said in a report.
According to global ratings agency, some $77 billion in sukuk was issued in the first six months of 2020, down from $87 billion in the same period of 2019 as the coronavirus pandemic pared activity in Malaysia and Indonesia.
Nitish Bhojnagarwala, VP-Senior Credit Officer at Moody's, said: "We expect the decline to be partly offset by the slow oil price recovery which will increase the financing needs of Gulf-Cooperation Council (GCC)1 countries. Accordingly, we expect issuance to rally in the second half of the year to around $90 billion, led by a surge in sovereign issuance, notably in the Gulf. Activity in Malaysia and Indonesia may also recover moderately given uncertainty regarding the length of the crisis."
Modest issuance decline would be first for five years, according to Moody's.
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