Saudi Arabia raised $11bn in a three-tranche bond on 10 April, whilst arch regional rival Qatar raised $12bn on 12 April, and at keener pricing than the Saudi issue. Both were 4-5 times oversubscribed.

Qatar sold $3bn of 5-year paper at US T-Bills +135 basis points; $3bn of 10-year bonds at +170bp and $6bn of 30-year paper at +205bp. Similar Saudi issues were at slightly wider premiums (see table).

The latest issues take the GCC total to $35bn with less than a third of the year gone. Saudi...