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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.