Middle East borrowing has set a record pace, the Financial Times reports, saying sovereigns across the region have sold bonds worth USD 38.5 bn in 2017 and writing that “Egypt’s move last week to raise USD 3 bn via the sale of five-, 10- and 30-year debt — its second fundraising of the year — represents the latest in a flurry of deals which seasoned advisers have dubbed a ‘boom’ in bond issuance for developing economies.” The one note of caution comes from a BNP Paribas banker “who called the conditions ‘amazing,’ but warned that this was unlikely to last. ‘We are very much in a sweet spot in terms of issuance conditions at the moment,’ he said, arguing that issuers were taking advantage of investor demand to stock up on finance even if they do not immediately need it. ‘Global markets have been so positive this year that we are seeing a lot of front-loading of supply, people are particularly aware that US rates are rising and that affects the rate at which they can borrow.’”

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