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FinancialNews


  • 09-10-12

    S&P expects GCC businesses to rely more on sukuk issuance

    (MENAFN) In its latest report, Standard & Poor's Ratings Services (S&P), expected corporate and infrastructure issuers in the GCC to rely more on the Islamic compliant bonds (sukuks) as a source of funding in coming quarters. The "Sukuk Are Surpassing Conventional Bond Issuance in the Gulf Countries as Yields Tighten" report said that sukuk issuance in the GCC countries has hit a record high this year, boosted by positive developments in the region's economy and capital markets. The report also noted a sharp decline in yields for both conventional and sukuk capital market issuance in 2011, driven by the GCC financial system's solid position, local investors' strong appetite for debt, and accommodative monetary policies around the world. S&P analysts have revised their expectations for the GCC economic growth to five percent this year, up from four percent previously, as rising oil prices provided a solid ground for credit growth, particularly in the Gulf's oil-exporting economies. However, tough global economic conditions and continued political tension in the region following the Arab Spring should remain key challenges over the coming months, it added.

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