Qatar returned to the bond markets this week, raising $12bn for the second consecutive year. Having raised $12bn in April 2018 (MEES, 20 April 2018), the emirate has repeated the trick with a three tranche offering set to mature in 2024, 2029 and 2049 respectively. It’s the largest offering from the GCC so far this year, after Saudi Arabia raised $7.5bn in January (MEES, 11 January).

Unlike most of its peers, Qatar does not have a budget deficit to fill, with MEES estimating it ran a...