Once a Mirage, An Asset Class Begins to Emerge: GCC Local Currency Bond Markets
Anita Yadav, Head of Fixed Income Research, Emirates NBD Bank
Published: 18 June 2019 08:51
The growth of the GCC debt capital markets in the first decade of this century was reasonably stunted as the region’s need for debt funding was negligible in the face of abundant liquidity ensuing from high oil prices. Due in large part to its sources of revenue and the prevalence of currency pegs, the region’s borrowers have predominately relied on US dollar funding. But as the region’s corporate entities grow and become more sophisticated, requiring deeper and more diverse domestic funding markets, that looks set to change – with regional governments taking the lead.
12 Jul 2019