JPMorgan Tops Mideast Bond Deals as Borrowing Binge Sets RecordBy
New York-based bank on all three government deals in past week
MENA debt sales climbs to an all-time high of $89 billion
It’s a bumper bond harvest in the Middle East and North Africa, with governments raking in $23.5 billion in the past week alone.
Not only do the sales boost 2017’s offerings to a new record, it also firms up JPMorgan Chase & Co.’s lead as the region’s top manager for a second straight year.
Abu Dhabi’s $10 billion sale Tuesday followed Jordan’s $1 billion transaction on Monday, and Saudi Arabia’s $12.5 billion issue last week, the biggest sovereign deal in emerging markets this year. JPMorgan was among the banks marketing all three.
The borrowing binge pushes sales from the Middle East and North Africa to a record $89 billion this year, according to data compiled by Bloomberg. There may be more to come, with Egypt planning to tap the bond market as early as December.