Debt Capital Markets (DCM) in the MENA region totaled $90.9 billion during the first nine months of 2021, down 8 percent compared to the same period last year, according to Refinitiv.
The UAE was the top nation in DCM activity, with $25.8 billion in related proceeds. Qatar came in second, with $20.1 billion in related proceeds followed, by Saudi Arabia, Egypt and Oman.
Investment-grade corporate debt recorded a total of $62.3 billion, equivalent to 68 percent of total DCM proceeds and the highest year-to-date total since records began in 1980, the global data provider said.
The financials industry remained the top-performing industry from last quarter with $37.9 billion in proceeds so far in 2021.
The largest deal of the year so far is the $12.4 billion bond sale from state energy company Qatar Petroleum Corp back in June this year. This was followed by Saudi Aramco's $6 billion sukuk for funding its dividend.
The oil giant's debut $12 billion bond deal in 2019 was followed by an $8 billion, five-part transaction in November last year, both used to fund its dividend.
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