Oasis of promise in a dry landscape

12 Jan 2008

The Middle East has decoupled from the global credit markets, but is still not entirely shielded from its storms. In the second half of 2007, issuers had to offer investors something special — whether generous pricing or a compelling credit story — to ensure success. Joanne O’Connor reports.

Despite tumultuous markets, new issuance out of the Middle Eastern grew again in 2007 as borrowers from the region raised more than $22.5bn in foreign currency bonds, and nearly $30bn in total.

But unlike in 2006, the bulk of this was frontloaded into a frenzied first half during ...

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