Little Gulf bond issuance is expected in 2023

GULF COUNTRIES - Forecast 16 Nov 2022 by Justin Alexander

After quadrupling their debt burden since 2014, the Gulf states are largely pausing new borrowing due to non-oil fiscal reforms, the oil windfall and higher borrowing costs. Oman and Qatar are even actively deleveraging. Sovereign external debt security issuance has dipped from an average of $40bn/year in 2016-21 to just $9bn so far in 2022 and is likely to fall further in 2023, with perhaps only Bahrain and Sharjah issuing.

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