GulfBase GCC Cap Indices
IndexLevelChg%
Large Cap3,986 1.03
Med Cap4,039 0.84
Small Cap5,159 0.36
Micro Cap8,620 1.73

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Ticker Price Volume
QNBK 165.1 81,246
BKMB 0.47 2,120
SABIC 93.5 1,135,382
EEC 20.65 134,262
ALMARAI 68.75 535,866
MMG 12.55
AUB 0.66 600,000

GCC Debt Market Tracker

Source: NCB Capital

A record year closes

The recover of the GCC debt markets continued apace during 4Q09 with conventional sovereign issues again leading the way. Landmark issues included a USD7bn Qatari government bond, while the Dubai Department of Finance issued a USD5bn bond as a part of its long-term program. However, the regional debt market received a setback with a sharp jump in CDS spreads after Dubai World requested a six-month moratorium on its repayment obligations. Nonetheless, improving economic conditions globally and receding fears of default from the regional issuers augur well for the GCC debt markets in 2010.

• The GCC debt market revival which started in 2Q09 continued into 4Q09. New issuances totaled USD36.4bn in 4Q09 taking the annual tally to over USD73.2bn. Conventional debt continued to dominate, accounting for 91% of the total issuance. Total conventional bond issuance for the year more than doubled to USD65.2bn, primarily led by growth in sovereign issues from the UAE and Qatar.

• With increasing sovereign issuance by Dubai, the UAE dominated the regional scene in 4Q09. New debt issuance in the UAE rose to USD21.8bn during 4Q09, primarily thanks to increased borrowing by the government of Dubai. However, sukuk issuance in UAE declined by 37.2% YoY despite new issues of USD2.9bn in 4Q09.

• The sukuk market remained depressed during 4Q09 with global issuance declining by 8.7% QoQ to USD8.1bn. Sukuk issuance in the GCC region contracted by 11.9% over the previous quarter. This was primarily led by declines in Saudi Arabia and Bahrain.

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