Gulf greets UAE DMO plan as public debt law progresses
Gulf market participants have welcomed the prospect of a federal debt management office (DMO) in the United Arab Emirates which officials from the country announced this week. Even though the new entity’s reach remains unclear, bond and sukuk sales from public sector issuers should be better coordinated as a result, said bankers.
"The industry very much welcomes the move as a sound basis for debt issuance," said one Dubai industry source. "There may be some who think you can produce debt instruments and a yield curve overnight, but you need a sound legal framework as a basis."
Bankers expect the new
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