New bond group chairman hails ‘record year’

The new chairman of the Gulf Bond and Sukuk Association, a trade group that promotes fixed income investment, says 2016 was a “record year” for bond issuance in the region.

Andy Cairns, global head of debt origination and distribution at the National Bank of Abu Dhabi, was appointed chairman at the association’s gala dinner on December 13. He replaces Stuart Anderson, head of Middle East for S&P Global Ratings, who has served in the role since 2014.

“2016 was a record year for GCC capital markets issuance and I expect continued growth during 2017,” said Cairns.

Anita Yadav, head of fixed income research at Emirates NBD, was appointed acting vice chair.

According to Thomson Reuters, there was nearly $44 billion of debt issued in the Middle East in the first nine months of the year, making this period “the strongest first nine months for debt capital market issuance since records began in 1980”.

In October, Saudi Arabia issued $17.5 billion of sovereign bonds, further enlarging the sum of issued bonds.

©2016 funds global mena

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