UAE ranks first in corporate bond issuances in Q2 of ’14
United Arab Emirates head the corporate bond issuances in the second quarter of 2014 in GCC while the initial public offering (IPO) activity skyrocketed by more than 17 times in the region for June quarter compared to same period last year, Khaleej Times reported. The GCC debt capital markets in 2014 had an active second quarter, particularly in corporate bonds and sukuk, with large size deals that received a positive response from investors, which was demonstrated by the tight yields achieved. UAE corporate bond issuances were dominant this quarter with more than 70% of the total value in the GCC. The region witnessed $4.38bn corporate bonds while the UAE-based companies contributed more than $3bn. “We saw sizable issuances from DP World Limited, issuing a $1bn 10-year bond, and Etisalat issuing two $500m bonds in five and ten year tranches and two $1.6bn bonds in seven and twelve year tranches,” PwC Capital Markets in the Middle East said in a statement.