Gulf bonds likely to set record in 2021 amid budget squeeze
- Date: 27-Nov-2020
- Source: Arab News
- Sector:Financial Markets
- Country:Gulf
Gulf bonds likely to set record in 2021 amid budget squeeze
Gulf bonds likely to set record in 2021 amid budget squeeze
Gulf bonds likely to set record in 2021 amid budget squeeze
Gulf bonds likely to set record in 2021 amid budget squeeze
Kuwait could return to the bond market, depending on a new debt law that would allow it to raise more funds overseas and help it to overcome a liquidity crunch. (Shutterstock)
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Gulf bonds likely to set record in 2021 amid budget squeeze
International debt sales from GCC rise as governments fill deficits and corporates hunt cheap money amid low rates
Updated 27 November 2020
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DUBAI: International debt sales from the six-member Gulf Cooperation Council are likely to notch another record year in 2021 as governments need to fill wider deficits and corporates look to grab money on the cheap amid low rates.
The oil-rich region saw a second consecutive year of record international bonds, topping $100 billion, as issuers' finances were battered by the COVID-19 pandemic along with low oil prices, with a few issues still possible before year-end.
"I think overall, the market will grow. We can easily add $7-10 billion more to 2020 total issuance,“ said Khalid Rashid, head of debt capital markets for the Middle East and North Africa at