GCC countries have already raised a record $50.5bn in international bonds this year. With revenues stretched, and credit cheap, the figure could near $70bn  double last year’s previous record  by year-end.

Abu Dhabi has this week raised a $10bn three-tranche international bond. Though three times oversubscribed, the sum raised is slightly less than Saudi Arabia’s bumper $12.5bn international bond issued a week earlier (MEES, 29 September).

The latest Abu Dhabi issue...