{"id":672008,"date":"2025-09-17T00:00:00","date_gmt":"2025-09-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/09\/17\/gcc-to-remain-among-the-top-emerging-market-usd-debt-issuers-this-year-fitch\/"},"modified":"2025-09-17T00:00:00","modified_gmt":"2025-09-17T00:00:00","slug":"gcc-to-remain-among-the-top-emerging-market-usd-debt-issuers-this-year-fitch","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/09\/17\/gcc-to-remain-among-the-top-emerging-market-usd-debt-issuers-this-year-fitch\/","title":{"rendered":"GCC to remain among the top emerging market USD debt issuers this year -Fitch"},"content":{"rendered":"

GCC banks are on course to set a new debt issuance record in 2025<\/strong>, with USD-denominated debt set to surpass USD 60 bn this year \u2014 or USD 40 bn excluding certificates of deposit (CDs), Fitch Ratings said in a research note<\/a>. The momentum \u2014 which follows last year\u2019s high \u2014 is expected to continue into 2026, driven by strong credit growth, Fed rate cuts, refinancing needs, and tight domestic liquidity in Saudi Arabia.<\/p>\n

GCC banks have accounted for around 30% of USD issuance by emerging-market banks<\/strong> so far this year \u2014 or over 60% when excluding Chinese banks.<\/p>\n

Issuances from GCC banks this year have already reache<\/strong>d nearly USD 55 bn<\/strong>, significantly higher than the USD 36 bn total in 2024 and well above the USD 23 bn in maturities due in 2025. Excluding CDs, issuance stands at USD 36 bn, already exceeding Fitch\u2019s expectations at the start of the year. Sukuk accounted for nearly half of the non-CD issuance.<\/p>\n

Saudi banks are dominating activity, with USD 28.3 bn in issuanc<\/strong>e<\/strong>, followed by banks in the UAE (USD 11 bn), Qatar (USD 8 bn), and Kuwait (USD 7 bn).<\/p>\n

Subordinated debt issuance has surged to USD 14.5 bn, already doubling last year\u2019s tota<\/strong>l and<\/strong> accounting for nearly 40% of non-CD issuance.<\/strong> Saudi banks were the main contributors, issuing USD 11.2 bn to support lending tied to Vision 2030 and in anticipation of tighter capital regulations. They returned to the USD Tier 2 market for the first time since 2020, making up the majority of the USD 6 bn in Tier 2 issuance by GCC banks so far this year. <\/p>\n

AT1 issuance has also hit a new high of USD 8.45 bn in 2025<\/strong>, up from a total of USD 5.6 bn last year. Fitch expects most of the record USD 10 bn in AT1 instruments with first call dates in 2026 to be redeemed, due to high reset spreads and favorable market conditions.<\/p>\n

UAE and Qatari banks have been big on senior unsecured debt issuance on the back of <\/strong>refinancing needs and a desire to diversify funding. <\/strong>This includes ESG bonds and sukuk, as well as activity in the Taiwanese Formosa market. UAE banks raised about USD 3.5 bn in floating-rate notes, while Qatari banks raised USD 1 bn. Fitch expects issuance from UAE banks to remain active given their good liquidity and solid net foreign asset positions.<\/p>\n

S<\/strong>hort-term CD issuance has also seen a sharp rise<\/strong>, reaching USD 18 bn so far in 2025, compared to just USD 3 bn in 2024. Nearly 70% of this came from Saudi banks, attracted by cheaper offshore funding available through major financial hubs such as New York, London, Hong Kong, and Singapore.<\/p>\n

Looking ahead, Fitch expects strong issuance to continue in 2026<\/strong>, supported by an additional USD 36 bn in maturities, ongoing credit growth in Saudi Arabia and the UAE, and persistent tight liquidity in the Saudi market. Liquidity will remain a key credit challenge for Saudi banks next year, which it expects to lead to continued reliance on external funding. The sector\u2019s net foreign liability position is likely to remain above 3% of total assets, though foreign funding still represents a modest 11.4% of sector liabilities as of end-August. The recent launch of residential mortgage-backed securities in Saudi Arabia could provide a new source of local-currency funding, given banks\u2019 significant mortgage portfolios.<\/p>\n

MARKETS THIS MORNING- <\/p>\n

Asian markets are mixed<\/strong> this morning as global investors await the US Federal Reserve\u2019s interest rate move later today. Japan\u2019s Nikkei reversed earlier losses to rise nearly 0.2%, while Hong Kong\u2019s Hang Seng is also up 0.7%. Meanwhile, China\u2019s CSI 300 was flat at the open, and South Korea\u2019s Kospi lost 1.1%. <\/p>\n

Over on Wall Street<\/strong>, futures are little changed after a losing session for both the S&P 500 and Nasdaq yesterday.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

34,841<\/p>\n<\/td>\n

\n

-0.9% (YTD: +17.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong> <\/p>\n<\/td>\n

\n

Buy 48.04<\/p>\n<\/td>\n

\n

Sell 48.18<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB<\/strong>)<\/strong><\/p>\n<\/td>\n

\n

Buy 48.05<\/p>\n<\/td>\n

\n

Sell 48.15<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

22.00% deposit<\/p>\n<\/td>\n

\n

23.00% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

10,519<\/p>\n<\/td>\n

\n

+0.9% (YTD: -12.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

10,064<\/p>\n<\/td>\n

\n

+0.3% (YTD: +6.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong> <\/p>\n<\/td>\n

\n

6,000<\/p>\n<\/td>\n

\n

-0.7% (YTD: +16.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong> <\/p>\n<\/td>\n

\n

6,607<\/p>\n<\/td>\n

\n

-0.1% (YTD: +12.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

9,196<\/p>\n<\/td>\n

\n

-0.9% (YTD: +12.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

5,372<\/p>\n<\/td>\n

\n

-1.3% (YTD: +9.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 68.50<\/p>\n<\/td>\n

\n

+1.6%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex) <\/strong><\/p>\n<\/td>\n

\n

USD 3.10<\/p>\n<\/td>\n

\n

+2.0%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold <\/strong><\/p>\n<\/td>\n

\n

USD 3,725<\/p>\n<\/td>\n

\n

+0.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 116,877<\/p>\n<\/td>\n

\n

+1.3% (YTD: +24.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P Egypt Sovereign Bond Index<\/strong><\/p>\n<\/td>\n

\n

920.63<\/p>\n<\/td>\n

\n

+0.1% (YTD: +18.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P MENA Bond & Sukuk<\/strong><\/p>\n<\/td>\n

\n

150.56<\/p>\n<\/td>\n

\n

+0.1% (YTD: +7.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

VIX (Volatility Index)<\/strong><\/p>\n<\/td>\n

\n

16.36<\/p>\n<\/td>\n

\n

+4.3% (YTD: -5.7%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30 fell 0.9% at yesterday\u2019s close<\/strong> on turnover of EGP 4.0 bn (9.6% below the 90-day average). Local investors were the sole net sellers. The index is up 17.2% YTD.<\/p>\n

In the green: <\/strong>Qalaa Holdings (+4.6%), Egypt Aluminum (+1.2%), and Eastern Company (+0.8%).<\/p>\n

In the red: <\/strong>Misr Cement (-3.9%), Raya Holding (-3.7%), and Orascom Development (-3.2%).<\/p>\n

\n

CORPORATE ACTIONS- <\/p>\n

E-finance\u2019s <\/strong>board<\/strong> approved paying out dividends of EGP 0.176 per share <\/strong>on its 1H earnings<\/strong>, the company said in a disclosure (pdf)<\/a> to the EGX. The general assembly is set to greenlight the payout at a future meeting. <\/p>\n","protected":false},"excerpt":{"rendered":"

Issuance this year has already reached nearly USD 55 bn<\/p>\n","protected":false},"author":1,"featured_media":672009,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[7106,72,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-672008","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-debt","tag-enterpriseam","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"a6a3ea9a-ee1d-48b7-bad5-4c54f68dd6b5","order":"14","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/2390.jpg","photo_position":"above","homepage_title":"","full_issue_title":"GCC 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