2017 has been a record year for GCC sovereign and corporate debt. Sustained low oil prices and budget deficits since 2015 have led to an ever-growing appetite for issuance. NOCs are now getting in on the act too. 

GCC sovereigns have raised a record $50.5bn in international bond issuance to date this year, smashing last year’s previous record of $37bn as they seek to cover their burgeoning budget deficits, according to data compiled by MEES.

Saudi Arabia has accounted for the...