UAE tops regional debt issuance in first quarter of 2014

In the first quarter of 2014, the UAE was the most active country in debt markets in the Middle East region accounting for 41 per cent ($1.64 billion) bonds market activity, followed by Saudi Arabia with 38 per cent, according to the quarterly investment banking analysis by Thomson Reuters.

Regional debt issuance reached $4 billion during the first quarter of 2014, down 67 per cent from the same period in 2013 while the International Islamic bond issuance declined 34 per cent year-on-year to reach $6.4 billion, the lowest first quarter total since 2011.

During the first three months of this year, the region?s total investment banking fees reached $120.3 million, down 17 per cent from the previous quarter. The value of announced M&A transactions from the region reached $5.7 billion during the first quarter of 2014, 15 per cent less than the $6.8 billion reported during the same period last year.

Equity capital market (ECM) issuance remained subdued during the first quarter. ?Middle Eastern companies raised $1 billion from two initial public offerings during the first quarter of 2014, a 37 per cent decline in IPO activity from the same period in 2013 ($1.6 billion). There were no follow-on or convertible offerings in the region during the first quarter. So, overall, equity capital market activity fell 46 per cent,? said Nadim Najjar, managing director, Middle East, Africa, and Russia/ CIS at Thomson Reuters.

via UAE tops regional debt issuance in first quarter of 2014 | GulfNews.com.

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