Georges Daoud of Zawya tracks last months regional market performance and gives a preview of what investors could expect in the future.
ZAWYA
May 15, 2013
15 May 2013 Bond market activities across the GCC and Levant remained upbeat in April, tracking positive sentiments seen in March. At the beginning of the second quarter, the region witnessed the launch of 22 issues worth USD 4.6 billion.
In other parts of the MENA, new issuance in North Africa were surprisingly absent during the period despite a significant pipeline announced in Tunisia (covering four bonds) and in Egypt (the re-opening of four Egyptian treasury bonds).
Uncertainty in Libya and Algeria continues to dampen expectations in North Africa and directly put pressure on MENA's overall market performance. Egypt's political instability has caused a re-opening of four bond adding EGP 2.5 billion without any new issues.
Despite the turmoil within its neighborhood, Tunisia offers reprieve as Union Bancaire pour le Commerce et l'Industrie, Hannibal Lease, Arab International Lease and Banque de l'Habitat said they will launch their bond issuance in the near future.
Zawya data suggests that Jordan was the largest issuer with 36% through eight governmental issues, followed by Kuwait, Oman, Lebanon, UAE, Qatar and Bahrain.
