The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Pricing proves to be crucial

Economies in the Middle East are in good shape for forthcoming bond issues, though some sovereign issuers have been deterred by the spread on Qatar's 1999 Eurobond. Lack of sovereign benchmarks has, until now, held back corporate issues but that may soon change.

The oil price supports credit fundamentals

With rumours spreading of forthcoming Eurobond new issues from several Arab countries, bond investors more used to analyzing Europe, Asia and the Americas are suddenly turning their attention to the region.

Issuers there have suffered false starts before. Last summer a handful of successful Eurobond issues emerged from the region, but several countries were scared away by the difficulty of pricing deals. Now bankers report that Qatar is discussing details for an issue due to be launched soon and other sovereign issuers are set to follow.

Egypt has announced plans for a debut issue this year and Oman may issue again. Saudi Arabia might be worth a long-odds bet but the cautious should stick with Lebanon's return to tap foreign bond investors. Either way, says Ziad Makkawi, managing director of capital markets at Dubai-based Arabian General Investment Corporation (Agico): "The debt markets in the Arab world are poised to see tremendous growth, which will be reflected on the foreign currency as well as local currency issues."

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree