Mideast bond sales soar to record as turmoil fades
Middle East bond sales are departing to a record start this year after political unrest that swept through some nations in 2011 decreased and as concern wanished that Europe’s debt crisis would disturb the request for regional debt.
Regional governments and companies raised $10.1bn in bonds in until now in 2012. A $4bn sukuk sale in Saudi Arabia, the biggest Arab economy, conducted a 55% rise in sales from the year-ago period.
Mohieddine Kronfol, Dubai-based chief investment officer for global sukuk and Middle East and North Africa fixed income at Franklin Templeton Investments, noted that they anticipate issuance to increase in the next 12 to 24 months, particularly with banks having to work harder to secure funding and extend credit to the private sector.
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