GCC Fixed Income Markets | First Abu Dhabi Bank (FAB) - UAE

Text-light reports on GCC credit rating and GCC fixed income market

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.

GCC & Egypt Fixed Income Chart Book - FY 2023 Review

08 January 2024

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.

Rakesh Sahu, Analyst
Chavan Bhogaita, Head of Market Insights & Strategy

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GCC & Egypt Fixed Income Chart Book – 9M 2023 Review

12 October 2023

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.

Rakesh Sahu, Analyst
Chavan Bhogaita, Head of Market Insights & Strategy

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GCC & Egypt Fixed Income Chart Book - H1 2023 Review

12 July 2023

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.

Rakesh Sahu, Analyst
Chavan Bhogaita, Head of Market Insights & Strategy

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GCC & Egypt Fixed Income Chart Book – FY 2023 YTD Review

19 April 2023

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.

Rakesh Sahu, Analyst
Chavan Bhogaita, Head of Market Insights & Strategy

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GCC & Egypt Fixed Income Chart Book – FY 2022 Review

10 January 2023

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.

Rakesh Sahu, Analyst
Chavan Bhogaita, Head of Market Insights & Strategy

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GCC & Egypt Fixed Income Chart Book – 9M 2022 Review

06 October 2022

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.

Rakesh Sahu, Analyst
Chavan Bhogaita, Head of Market Insights & Strategy

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GCC Fixed Income Chart Book – 1H 2022 Review

06 July 2022

Our latest quarterly edition, in which we reviewed the key primary and secondary market developments of 1H 2022. The period witnessed record volatility and negative return for risk assets globally. 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.

Rakesh Sahu, Analyst
Chavan Bhogaita, Head of Market Insights & Strategy

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GCC Fixed Income Chart Book - Q1'2022 Review

13 April 2022

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.

Rakesh Sahu, Analyst
Chavan Bhogaita, Head of Market Insights & Strategy

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GCC Fixed Income Chart Book - FY 2021 Review

05 January 2022

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.

Rakesh Sahu, Analyst
Chavan Bhogaita, Head of Market Insights & Strategy

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GCC Fixed Income Chart Book - 1H'2021 Review

05 July 2021

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.

Rakesh Sahu, Analyst, Market Insights & Strategy
Chavan Bhogaita, Head of Market Insights & Strategy

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GCC Fixed Income Chart Book - FY 2020 Review

21 January 2021

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.

Rakesh Sahu, Analyst
Chavan Bhogaita, Head of Market Insights & Strategy

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GCC Fixed Income Chart Book - 9M 2020 Review

08 October 2020

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.

Rakesh Sahu, Analyst, Market Insights & Strategy
Chavan Bhogaita, Head of Market Insights & Strategy

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GCC Fixed Income Chart Book

09 July 2020

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.

Rakesh Sahu, Analyst, Market Insights & Strategy
Chavan Bhogaita, Head of Market Insights & Strategy

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Silencing the naysayers - KSA, Abu Dhabi and Qatar print $24bn of bonds!

16 April 2020

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.

Chavan Bhogaita, Managing Director & Head of Market Insights & Strategy
Rakesh Sahu, Director & Analyst

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Taqa: Getting Powered Up

05 February 2020

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.

Rakesh Sahu, Director & Analyst
Chavan Bhogaita, Managing Director & Head of Market Insights & Strategy

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KSA $5bn deal: No fanfare. No drama. Just print.

22 January 2020

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.

Chavan Bhogaita, Head of Market Insights & Strategy
Rakesh Sahu, Analyst

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GCC Fixed Income Chart Book

07 January 2020

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.

Rakesh Sahu, Analyst, Market Insights & Strategy
Chavan Bhogaita, Head of Market Insights & Strategy

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GCC Fixed Income Chart Book

14 October 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.

Rakesh Sahu, Analyst, Market Insights & Strategy
Chavan Bhogaita, Head of Market Insights & Strategy

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Confident but not complacent - At times like this we show our strength

17 September 2019

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.

Chavan Bhogaita, Managing Director & Head of Market Insights & Strategy

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GCC Fixed Income Chart Book

11 July 2019

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.

Rakesh Sahu, Analyst, Market Insights & Strategy
Chavan Bhogaita, Head of Market Insights & Strategy

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Saudi Arabia charters new territory with its €3bn deal

04 July 2019

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.

Rakesh Sahu, Analyst, Market Insights & Strategy
Chavan Bhogaita, Head of Market Insights & Strategy

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GCC Fixed Income Chart Book

02 May 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 Saudi Aramco bond issue - all in a chart book format.

Rakesh Sahu, Analyst, Market Insights & Strategy
Chavan Bhogaita, Head of Market Insights & Strategy

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Aramco - This is Big

10 April 2019

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..

Chavan Bhogaita, Head of Market Insights & Strategy
Rakesh Sahu, Analyst – Market Insights & Strategy

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GCC Fixed Income Establishing solid foundations for 2019

23 January 2019

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.

Simon Ballard, Exec. Director & Macro Strategist
Rakesh Sahu, Analyst – Market Insights & Strategy

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GCC Fixed Income Chart Book: FY 2019

10 January 2019

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.

Chavan Bhogaita, Head of Market Insights & Strategy
Rakesh Sahu, Analyst, Market Insights & Strategy

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KSA first off the line in 2019!

9 January 2019

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.

Chavan Bhogaita, Head of Market Insights & Strategy
Rakesh Sahu, Analyst, Market Insights & Strategy

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GCC Fixed Income Chart Book: 9M 2018

17 October 2018

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.

Rakesh Sahu, Analyst, Market Insights & Strategy
Chavan Bhogaita, Head of Market Insights & Strategy

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GCC Fixed Income - 1H 2018 Chart book

04 June 2018

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.

Rakesh Sahu, Analyst, Market Insights & Strategy
Chavan Bhogaita, Head of Market Insights & Strategy

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GCC Fixed Income Chart Book: Q1 2018 Review

11 April 2018

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.

Rakesh Sahu – Analyst, Market Insights & Strategy
Chavan Bhogaita, MD & Head of Market Insights & Strategy

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Bahrain’s First $ Debt Issue of 2018, but Perhaps Not the Last…

Hot Topics – 28 March 2018

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….

Rakesh Sahu – Analyst, Market Insights & Strategy

Chavan Bhogaita, MD & Head of Market Insights & Strategy

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Sharjah in Eurobond market for a 10-year sukuk deal

06 March 2018

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.

Chavan Bhogaita, Head of Market Insights & Strategy
Rakesh Sahu, Analyst, Market Insights & Strategy

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GCC Fixed Income Chart Book: Q4 2017 Review

09 January 2018

FAB’s Market Insights team published their quarterly review of GCC bond and sukuk markets for Q4 2017

Chavan Bhogaita, Head of Market Insights & Strategy
Rakesh Sahu, Analyst – Market Insights & Strategy

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