GCC’s bonds, sukuk market rises 4% in 2017 - Report

GCC’s bonds, sukuk market rises 4% in 2017 - Report
The issuances included central banks local issuance

Mubasher: The aggregate issuance of bonds and sukuk by the GCC's entities amounted to $174.17 billion in 2017, with a rise of 3.96% from a year earlier, Kuwait Financial Centre (Markaz) said on Sunday in a report. 

The issuances included central banks local issuance, GCC sovereign and corporate issuances, the report titled "GCC Bonds & Sukuk Market Survey" showed.  

In January - December 2017, central banks' issuances in the GCC members of Kuwait, Bahrain, Qatar and Oman reached $69.90 billion.

The Central Bank of Kuwait ranked first in terms of local issuances of bonds and sukuk through selling KWD 10.93 billion ($36.179 billion), which represents 51.76% of the total value through 70 issues, followed by the Central Bank of Bahrain with a total issuance of BHD 5.39 billion ($14.33 billion).

Meanwhile, the total amount of bonds and sukuk issued by the GCC's sovereign, corporate entities and financial institutions grew 1.78% to $104.26 billion in 2017 compared to $102.44 billion in the previous year, the report said.

Saudi Arabia topped the list of the aforementioned issuers with $41.60 billion through 20 issues in 2017, which represents 39.9% of the total value raised by the GCC issuers during the last year, followed by the UAE based issuers that netted $32.61 billion in the same period, with 35% up from the year before. 

While Oman's issuers made up 7.8% of the total value of issuances, raising $8.12 billion through 8 issues, the report added.