Accelerating number of bond issues point to the GCC’s growing addiction to debt

Abu Dhabi has become the latest Gulf Co-operation Council (GCC) government to tap into the debt market; a $5bn bond offering on 25 April was the wealthy emirate’s first since 2009. Split into two $2.5bn tranches with five- and ten-year maturities, the issue was priced at the tighter end of expectations, with rates of 2.125% and 3.125% for the five-year and ten-year issues respectively.