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The following reports provide an overview/comparison of the credit quality of the main issuers in the GCC region, including comprehensive lists of credit ratings from the three leading rating agencies – Moody’s, S&P and Fitch – to serve as a reference document when dealing with GCC fixed income instruments.
Chart books for the GCC fixed income market provide an overview of the spread performance in this market; Primary Market issuance (and performance of these deals since they were printed); as well as Secondary Market performance of key instruments.
2025 is turning out to be an exceptional year for the GCC and Egypt’s hard currency primary bond market. Year-to-date issuance has surged to an unprecedented $134bn – with activity still ongoing. Q1 and Q3 both broke all previous records, with $50bn and $49bn in quarterly issuance, respectively. Saudi Arabia front-loaded issuance and is now the largest EM hard currency issuer year-to-date.
In this edition we have reviewed the key primary and secondary market developments during H1 2025 and some key emerging trends. YTD hard currency new issuances from the region have reached $86bn, with Saudi issuers accounting for 54% share and UAE issuers’ share at 26%. Sukuk format remains a preferred choice for issuers, supported by strong demand and the depth of liquidity available with the Islamic investor base.
For nearly a decade Kuwait remained absent from international debt markets due to the lack of a legal framework permitting sovereign borrowing. With the recent approval of the new public borrowing law by the Parliament in March 2025, and the finance ministry's subsequent release of a comprehensive framework governing both internal and external borrowing entities, we believe the stage is now set for the sovereign’s much-awaited grand return to the international bond market this year — likely sooner rather than later. The report presents a comprehensive deep dive into the sovereign’s credit profile and relative value, offering a thorough assessment of its economic and fiscal standing.
Saudi Ma’aden stormed into the capital markets with a dual-tranche debut sukuk issuance that not only reaffirmed its strategic importance but also underscored the appeal and appetite for Saudi debt among global investors. Our analysis covers key aspects, including pricing, secondary market performance, relative value, and fundamental insights on the credit.
Our latest analysis of new bond and sukuk issuances from the GCC and Egypt (GCC&E), including our outlook on 2025 supply and insights into recent secondary market activity. Emerging markets hard currency bond issuance exploded onto the scene in January, shattering all previous records for the month. A staggering $96bn in hard currency bonds were issued by emerging markets in January. The GCC & Egypt (GCC&E) region led the charge, representing a dominant 27% of total EM issuance.
In this edition we have reviewed key primary and secondary market developments within the GCC&E region during FY 2024 and presents our outlook for FY 2025. 2024 witnessed another record year for primary bond issuances, spearheaded by Saudi Arabia. This achievement solidified the Kingdom's position as the largest bond market in the region, surpassing the UAE. Notably, the UAE continues to maintain the most diversified bond market within the GCC&E.
2025 is turning out to be an exceptional year for the GCC and Egypt’s hard currency primary bond market. Year-to-date issuance has surged to an unprecedented $134bn – with activity still ongoing. Q1 and Q3 both broke all previous records, with $50bn and $49bn in quarterly issuance, respectively. Saudi Arabia front-loaded issuance and is now the largest EM hard currency issuer year-to-date.
In this edition we have reviewed the key primary and secondary market developments during H1 2025 and some key emerging trends. YTD hard currency new issuances from the region have reached $86bn, with Saudi issuers accounting for 54% share and UAE issuers’ share at 26%. Sukuk format remains a preferred choice for issuers, supported by strong demand and the depth of liquidity available with the Islamic investor base.
For nearly a decade Kuwait remained absent from international debt markets due to the lack of a legal framework permitting sovereign borrowing. With the recent approval of the new public borrowing law by the Parliament in March 2025, and the finance ministry's subsequent release of a comprehensive framework governing both internal and external borrowing entities, we believe the stage is now set for the sovereign’s much-awaited grand return to the international bond market this year — likely sooner rather than later. The report presents a comprehensive deep dive into the sovereign’s credit profile and relative value, offering a thorough assessment of its economic and fiscal standing.
Saudi Ma’aden stormed into the capital markets with a dual-tranche debut sukuk issuance that not only reaffirmed its strategic importance but also underscored the appeal and appetite for Saudi debt among global investors. Our analysis covers key aspects, including pricing, secondary market performance, relative value, and fundamental insights on the credit.
Our latest analysis of new bond and sukuk issuances from the GCC and Egypt (GCC&E), including our outlook on 2025 supply and insights into recent secondary market activity. Emerging markets hard currency bond issuance exploded onto the scene in January, shattering all previous records for the month. A staggering $96bn in hard currency bonds were issued by emerging markets in January. The GCC & Egypt (GCC&E) region led the charge, representing a dominant 27% of total EM issuance.
In this edition we have reviewed key primary and secondary market developments within the GCC&E region during FY 2024 and presents our outlook for FY 2025. 2024 witnessed another record year for primary bond issuances, spearheaded by Saudi Arabia. This achievement solidified the Kingdom's position as the largest bond market in the region, surpassing the UAE. Notably, the UAE continues to maintain the most diversified bond market within the GCC&E.
In this edition we have reviewed the key primary and secondary market developments during the first nine month of 2024. YTD hard currency new issuances from the region now reached $108bn, the second highest level after FY 2020 in the regional market’s history. New issuance from Saudi Arabia this year is at the highest level ever for a single year and accounted 50% of total issuances from the region. The report provides a quick snapshot of market performance, relative value analysis, new issuance trend, overall size and composition of the GCC&E fixed income market etc.
In this edition we have reviewed the key primary and secondary market developments during the first half of 2024, which witnessed a significant year-on-year jump in hard currency bond issuance from the emerging markets. The GCC&E region accounted 21% of the EM issuance and Saudi Arabia emerged as the biggest sovereign issuer. The sukuk market also witnessed significant growth and remained a preferred format for issuers. The report provides a quick snapshot of market performance, relative value analysis, new issuance trend, overall size and composition of the GCC&E fixed income market etc.
In this edition we reviewed the key primary and secondary market developments during FY 2023 and our outlook for FY 2024. The report provides a quick snapshot of market performance, relative value analysis, new issuance trend, overall size and composition of the GCC&E fixed income market etc.
In this edition we have reviewed the key primary and secondary market developments during the first nine month of 2024. YTD hard currency new issuances from the region now reached $108bn, the second highest level after FY 2020 in the regional market’s history. New issuance from Saudi Arabia this year is at the highest level ever for a single year and accounted 50% of total issuances from the region. The report provides a quick snapshot of market performance, relative value analysis, new issuance trend, overall size and composition of the GCC&E fixed income market etc.
In this edition we have reviewed the key primary and secondary market developments during the first half of 2024, which witnessed a significant year-on-year jump in hard currency bond issuance from the emerging markets. The GCC&E region accounted 21% of the EM issuance and Saudi Arabia emerged as the biggest sovereign issuer. The sukuk market also witnessed significant growth and remained a preferred format for issuers. The report provides a quick snapshot of market performance, relative value analysis, new issuance trend, overall size and composition of the GCC&E fixed income market etc.
In this edition we reviewed the key primary and secondary market developments during FY 2023 and our outlook for FY 2024. The report provides a quick snapshot of market performance, relative value analysis, new issuance trend, overall size and composition of the GCC&E fixed income market etc.
Our latest quarterly edition, in which we reviewed the key primary and secondary market developments of 9M 2022. The report provides a quick snapshot of market performance, relative value analysis, new issuance trend, overall size and composition of the GCC&E fixed income market etc.
Our latest quarterly edition, in which we reviewed the key primary and secondary market developments of 9M 2022. The report provides a quick snapshot of market performance, relative value analysis, new issuance trend, overall size and composition of the GCC&E fixed income market etc.
In this edition we have reviewed the key primary and secondary market developments during the first quarter of 2022. The report provides a quick snapshot of market performance, relative value analysis, new issuance trend, overall size and composition of the GCC fixed income market vis-à-vis the Emerging Markets trend.
In this edition we have reviewed the key primary and secondary market developments during FY 2021 and the outlook/risks for FY 2022. The report provides a quick snapshot of market performance, relative value analysis, new issuance trend, overall size and composition of the GCC fixed income market vis-à-vis the Emerging Markets trend.
Our latest quarterly edition, in which we reviewed the key primary and secondary market developments of 9M 2022. The report provides a quick snapshot of market performance, relative value analysis, new issuance trend, overall size and composition of the GCC&E fixed income market etc.
Our latest quarterly edition, in which we reviewed the key primary and secondary market developments of 9M 2022. The report provides a quick snapshot of market performance, relative value analysis, new issuance trend, overall size and composition of the GCC&E fixed income market etc.
In this edition we have reviewed the key primary and secondary market developments during the first quarter of 2022. The report provides a quick snapshot of market performance, relative value analysis, new issuance trend, overall size and composition of the GCC fixed income market vis-à-vis the Emerging Markets trend.
In this edition we have reviewed the key primary and secondary market developments during FY 2021 and the outlook/risks for FY 2022. The report provides a quick snapshot of market performance, relative value analysis, new issuance trend, overall size and composition of the GCC fixed income market vis-à-vis the Emerging Markets trend.
Our latest quarterly edition, in which we reviewed the key primary and secondary market developments in the first nine months of 2023. The report provides a quick snapshot of market performance, relative value analysis, new issuance trend, overall size and composition of the GCC&E fixed income market etc.
Our latest quarterly edition, in which we reviewed the key primary and secondary market developments in the first half of 2023. The report provides a quick snapshot of market performance, relative value analysis, new issuance trend, overall size and composition of the GCC&E fixed income market etc.
Our latest quarterly edition, in which we reviewed the key primary and secondary market developments of FY 2023 year-to-date. The report provides a quick snapshot of market performance, relative value analysis, new issuance trend, overall size and composition of the GCC&E fixed income market etc.
In this quarterly edition we reviewed the key primary and secondary market developments during FY 2022 and our outlook for FY 2023. The report provides a quick snapshot of market performance, relative value analysis, new issuance trend, overall size and composition of the GCC&E fixed income market etc.
Our latest quarterly edition, in which we reviewed the key primary and secondary market developments in the first nine months of 2023. The report provides a quick snapshot of market performance, relative value analysis, new issuance trend, overall size and composition of the GCC&E fixed income market etc.
Our latest quarterly edition, in which we reviewed the key primary and secondary market developments in the first half of 2023. The report provides a quick snapshot of market performance, relative value analysis, new issuance trend, overall size and composition of the GCC&E fixed income market etc.
Our latest quarterly edition, in which we reviewed the key primary and secondary market developments of FY 2023 year-to-date. The report provides a quick snapshot of market performance, relative value analysis, new issuance trend, overall size and composition of the GCC&E fixed income market etc.
In this quarterly edition we reviewed the key primary and secondary market developments during FY 2022 and our outlook for FY 2023. The report provides a quick snapshot of market performance, relative value analysis, new issuance trend, overall size and composition of the GCC&E fixed income market etc.
Our quarterly edition, in which we reviewed the key primary and secondary market developments of 1H 2021. The period witnessed record amount of paper being issued from GCC based entities. The report provides a quick snapshot of market performance, relative value analysis, new issuance trend, overall size and composition of the GCC fixed income market etc.
In this quarterly edition we have reviewed the key primary and secondary market developments during FY 2020 and how the market is shaping up thus far in 2021. The report provides a quick snapshot of market performance, relative value analysis, new issuance trend, overall size and composition of the GCC fixed income market vis-à-vis the Emerging Markets trend.
Our quarterly edition, in which we reviewed the key primary and secondary market developments of 1H 2021. The period witnessed record amount of paper being issued from GCC based entities. The report provides a quick snapshot of market performance, relative value analysis, new issuance trend, overall size and composition of the GCC fixed income market etc.
In this quarterly edition we have reviewed the key primary and secondary market developments during FY 2020 and how the market is shaping up thus far in 2021. The report provides a quick snapshot of market performance, relative value analysis, new issuance trend, overall size and composition of the GCC fixed income market vis-à-vis the Emerging Markets trend.
In this quarterly edition we have reviewed the key primary and secondary market developments during the first nine months of 2020. The report provides a quick snapshot of market performance, relative value analysis, new issuance trend, overall size and composition of the GCC fixed income market vis-à-vis the Emerging Markets trend.
Our quarterly edition, in which we reviewed the key primary and secondary market developments of 1H 2020, during which time we witnessed some pretty unprecedented market moves, and have also provided some relevant macro context. The report provides a quick snapshot of market performance, relative value analysis, new issuance trend, overall size and composition of the GCC fixed income market etc.
Against an incredibly challenging backdrop, three GCC sovereigns have successfully printed a total of $24bn of bonds through new deals. Please read on for our initial take on these transactions.
In this report we provide our initial view on the landmark deal between AD Power and Taqa that was announced on 3rd Feb 2020 and explain why we believe it will be credit positive for Taqa.
The Kingdom of Saudi Arabia printed a three tranche bond deal that was circa five times oversubscribed. In this report our Market Insights team provides an overview of the transaction, relative value analysis, and more. Please read on.
In this quarterly edition we reviewed the developments that happened in FY 2019 – a milestone year indeed for GCC Fixed Income markets – and also discussed our expectation for FY 2020, all in a chart book format. The report provides a quick snapshot of primary market activity, new issuance trend, secondary market performance, overall size and composition of the GCC market and relative value analysis etc.
In this quarterly edition we have reviewed the key primary and secondary market developments during the first nine months of 2020. The report provides a quick snapshot of market performance, relative value analysis, new issuance trend, overall size and composition of the GCC fixed income market vis-à-vis the Emerging Markets trend.
Our quarterly edition, in which we reviewed the key primary and secondary market developments of 1H 2020, during which time we witnessed some pretty unprecedented market moves, and have also provided some relevant macro context. The report provides a quick snapshot of market performance, relative value analysis, new issuance trend, overall size and composition of the GCC fixed income market etc.
Against an incredibly challenging backdrop, three GCC sovereigns have successfully printed a total of $24bn of bonds through new deals. Please read on for our initial take on these transactions.
In this report we provide our initial view on the landmark deal between AD Power and Taqa that was announced on 3rd Feb 2020 and explain why we believe it will be credit positive for Taqa.
The Kingdom of Saudi Arabia printed a three tranche bond deal that was circa five times oversubscribed. In this report our Market Insights team provides an overview of the transaction, relative value analysis, and more. Please read on.
In this quarterly edition we reviewed the developments that happened in FY 2019 – a milestone year indeed for GCC Fixed Income markets – and also discussed our expectation for FY 2020, all in a chart book format. The report provides a quick snapshot of primary market activity, new issuance trend, secondary market performance, overall size and composition of the GCC market and relative value analysis etc.
Our quarterly review of GCC fixed income market – in chart book format – that provides a quick snapshot of primary market activity, new issuance trend, secondary market performance, overall size and composition of the GCC market and relative value analysis etc.
In the aftermath of the shocking attack on the oil processing plant in Saudi Arabia, FAB’s Market Insights team is of the opinion that negativity about the GCC bonds and sukuk market is overdone. In this brief commentary we provide our views on this asset class in the context of recent events.
Our quarterly review of GCC fixed income market in chart book format that provides a quick snapshot of secondary market performance, overall size and composition of the GCC market, new issuance trend and relative value analysis etc.
The Kingdom of Saudi Arabia printed its first ever EUR denominated bond issue through a dual-tranche 3 billion Euro transaction. In this report FAB’s market insights team provides an overview of the deal along with initial thoughts on pricing, relative value, etc.
Our quarterly review of GCC bond and sukuk markets provides a quick snapshot of new issuance, secondary market performance, and some key stories such as the Saudi Aramco bond issue - all in a chart book format.
Saudi Aramco has executed its inaugural bond issue with a blockbuster transaction that generated an order book close to $100 billion. In this report our Market Insights team provides an initial analysis of the transaction as well as some interesting charts that highlight the true scale of Aramco..
The GCC fixed income market has experienced a solid start to 2019, both in terms of primary and secondary market performance. We expect this trend to continue as global macro uncertainties further highlight and enhance the relative value appeal of the GCC asset class’ strong underlying fundamentals, making an interesting and compelling case for continued capital investment flows in favour of this region and asset class.
Our full year review of the GCC bond and sukuk markets provides a quick snapshot of new issuance, secondary market performance, and some key stories - all in a chart book format.
The Kingdom of Saudi Arabia recently announced a new dual tranche US$ transaction. In this report you will find our initial thoughts on the deal, which represents the inaugural GCC Eurobond offering of 2019.
Our quarterly review of GCC fixed income market – in chart book format – that provides a quick snapshot of primary market activity, new issuance trend, secondary market performance, overall size and composition of the GCC market and relative value analysis etc.
In the aftermath of the shocking attack on the oil processing plant in Saudi Arabia, FAB’s Market Insights team is of the opinion that negativity about the GCC bonds and sukuk market is overdone. In this brief commentary we provide our views on this asset class in the context of recent events.
Our quarterly review of GCC fixed income market in chart book format that provides a quick snapshot of secondary market performance, overall size and composition of the GCC market, new issuance trend and relative value analysis etc.
The Kingdom of Saudi Arabia printed its first ever EUR denominated bond issue through a dual-tranche 3 billion Euro transaction. In this report FAB’s market insights team provides an overview of the deal along with initial thoughts on pricing, relative value, etc.
Our quarterly review of GCC bond and sukuk markets provides a quick snapshot of new issuance, secondary market performance, and some key stories such as the Saudi Aramco bond issue - all in a chart book format.
Saudi Aramco has executed its inaugural bond issue with a blockbuster transaction that generated an order book close to $100 billion. In this report our Market Insights team provides an initial analysis of the transaction as well as some interesting charts that highlight the true scale of Aramco..
The GCC fixed income market has experienced a solid start to 2019, both in terms of primary and secondary market performance. We expect this trend to continue as global macro uncertainties further highlight and enhance the relative value appeal of the GCC asset class’ strong underlying fundamentals, making an interesting and compelling case for continued capital investment flows in favour of this region and asset class.
Our full year review of the GCC bond and sukuk markets provides a quick snapshot of new issuance, secondary market performance, and some key stories - all in a chart book format.
The Kingdom of Saudi Arabia recently announced a new dual tranche US$ transaction. In this report you will find our initial thoughts on the deal, which represents the inaugural GCC Eurobond offering of 2019.
Our quarterly review of GCC bond and sukuk markets provides a quick snapshot of new issuance, secondary market performance, and some key stories such as the Bahrain sovereign situation - all in a chart book format.
Our quarterly review of GCC bond and sukuk markets provides a quick snapshot of new issuance, secondary market performance, and some key stories such as the Bahrain sovereign situation - all in a chart book format.
GCC bond and sukuk markets have been very active indeed over Q1 2018, especially with new issues coming from issuers in this region, and this momentum looks set to continue into Q2. In this report our Market Insights & Strategy team provide a quick overview of the market and our thoughts on some of the key drivers.
The Kingdom of Bahrain is in the market with its first deal of 2018, a 7.5 year sukuk transaction. Given the country’s budget deficit, recent ratings downgrades, etc, this sukuk deal is one that needs to succeed. Furthermore, given the magnitude of the country’s funding requirements, we don’t see today’s deal as being the Kingdom’s only transaction for 2018 and hence expect further issuance during the year. Watch this space….
Having been away from the primary market for almost a year, the Emirate of Sharjah is currently marketing a 10-year sukuk transaction. FAB’s market insights team provides some initial thoughts on this deal in this report.
FAB’s Market Insights team published their quarterly review of GCC bond and sukuk markets for Q4 2017
Our quarterly review of GCC bond and sukuk markets provides a quick snapshot of new issuance, secondary market performance, and some key stories such as the Bahrain sovereign situation - all in a chart book format.
Our quarterly review of GCC bond and sukuk markets provides a quick snapshot of new issuance, secondary market performance, and some key stories such as the Bahrain sovereign situation - all in a chart book format.
GCC bond and sukuk markets have been very active indeed over Q1 2018, especially with new issues coming from issuers in this region, and this momentum looks set to continue into Q2. In this report our Market Insights & Strategy team provide a quick overview of the market and our thoughts on some of the key drivers.
The Kingdom of Bahrain is in the market with its first deal of 2018, a 7.5 year sukuk transaction. Given the country’s budget deficit, recent ratings downgrades, etc, this sukuk deal is one that needs to succeed. Furthermore, given the magnitude of the country’s funding requirements, we don’t see today’s deal as being the Kingdom’s only transaction for 2018 and hence expect further issuance during the year. Watch this space….
Having been away from the primary market for almost a year, the Emirate of Sharjah is currently marketing a 10-year sukuk transaction. FAB’s market insights team provides some initial thoughts on this deal in this report.
FAB’s Market Insights team published their quarterly review of GCC bond and sukuk markets for Q4 2017
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