IslamicFinance.de

Gulf borrowers are back in the bond market, and a new pattern is emerging. GCC bond sales climbed 32% to a total $15.9 bn this year, according to data compiled by Bloomberg. Dubai’s government sold a $569 million privately-placed sukuk in March and Emirates NBD raised $499 mn from such deals. Bahrain and Oman have also opted to privately place sovereign issues. Rizwan Kanji, consultant at King & Spalding said most private-placement issuances are underwritten by the arrangers, which provides the issuer with certainty of execution and pricing.