Middle East bonds: A map of the Arab world

Middle East countries might look close geographically, but their debt regimes are very diverse. Here are the overriding factors in fixed income for the GCC region.

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UAE – new subordination

Qatar – deposit notes

Bahrain – prescribed ranking

Kuwait – using trustees

Oman – lack of enforcement

Saudi Arabia – risk factors

Every country has its own idiosyncrasies

The Cooperation Council for the Arab States of the Gulf (GCC) region has seen an increase in conventional international debt securities issuances by borrowers in the past few years. Before 2004, only one debt issuance programme had been established and three international standalone bonds (not including any securities issued under the programme) issued.

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