{"id":676035,"date":"2025-11-23T00:00:00","date_gmt":"2025-11-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/11\/23\/gcc-debt-capital-market-momentum-set-to-extend-into-2026-fitch\/"},"modified":"2025-11-23T00:00:00","modified_gmt":"2025-11-23T00:00:00","slug":"gcc-debt-capital-market-momentum-set-to-extend-into-2026-fitch","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/11\/23\/gcc-debt-capital-market-momentum-set-to-extend-into-2026-fitch\/","title":{"rendered":"GCC debt capital market momentum set to extend into 2026 -Fitch"},"content":{"rendered":"

Debt ca<\/strong>pital market (DCM) activity in the GCC is set to remain active well into <\/strong>2026<\/strong>, backed by a healthy pipeline, according to a Fitch report seen by EnterpriseAM. The credit ratings agency sees USD-denominated issuance driving growth next year, supported by a mix of government initiatives and funding needs. <\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

The region\u2019s outstanding debt capital market hit the USD 1.1 tn mark at the end of 3Q <\/strong>2025<\/strong>, up 12.7% y-o-y. Sukuk made up 40% of the total, up roughly 22% from a year earlier, while bonds rose just 7.2% y-o-y. Outstanding ESG debt climbed to USD 62.8 bn during the quarter, while ESG-linked sukuk reached USD 29.7 bn, up 54.1% y-o-y, with the lion\u2019s share denominated in USD. <\/p>\n

The 9M picture:<\/strong> New regional DCM supply dipped 5.6% y-o-y to USD 280 bn in 9M 2025. USD-denominated issuances accounted for 46% of that total, while ESG issuance from the GCC hit USD 14.9 bn in 9M, up 8.5% y-o-y. No rating defaults were recorded during the period. <\/p>\n

Saudi Arabia was the GCC\u2019s most mature DCM<\/strong>, accounting for 46% of outstanding regional volumes, followed by the UAE with 30%. The two markets together made up nearly 93% of outstanding ESG sukuk in 3Q, while Saudi Arabia generated over 60% of the region\u2019s ESG issuance in 9M. Both countries are also in line for deeper foreign participation \u2014 with each being reviewed for inclusion in JPMorgan\u2019s Government Bond Index-Emerging Markets Watch List.<\/p>\n

Banks continue to dominate: <\/strong>Banks continue to dominate participation in the region\u2019s debt markets, especially in the sukuk segment, while local currency issuance by corporates and banks remains uncommon across most GCC markets, with Saudi Arabia standing out for its more developed SAR-denominated market.<\/p>\n

Ranked among the top EM issuers in USD: <\/strong>GCC names generated 32% of emerging-market USD issuance over the period and make up 26% of outstanding EM USD debt, excluding China. This puts the region on track to become among the leading EM USD debt issuers in 2026, the report read. <\/p>\n

The ratings mix remains skewed toward higher-quality names<\/strong>, with 65% of outstanding Fitch-rated sukuk sitting in the A category, followed by BBB (11%), BB (10%), B (9%), and AA (5%). Nearly 85% of issuers carry stable outlooks. The average tenor of Fitch-rated GCC sukuk stood around eight years as of end-9M, reflecting relatively long-dated structures across the region\u2019s sovereign and corporate issuers.<\/p>\n

Fitch\u2019s breakdown of rated sukuk by sector shows sovereigns accounting for 31% of <\/strong>outstanding <\/strong>volumes<\/strong>, followed by corporates and other issuers at 26%, financial institutions at 24%, international public finance entities at 13%, and infrastructure and project-finance issuers at 6%. This distribution highlights the central role governments and banks continue to play in shaping the GCC\u2019s sukuk landscape.<\/p>\n

Not without risk:<\/strong> GCC debt markets face pressure from oil price swings, rate volatility, shifting sharia standards, and geopolitical risk, all of which influence fiscal positions, funding costs, and investor appetite. Market depth and maturity also vary widely across its six member states. <\/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

40,302<\/p>\n<\/td>\n

\n

-0.5% (YTD: +35.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 47.38<\/p>\n<\/td>\n

\n

Sell 47.52<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 47.42<\/p>\n<\/td>\n

\n

Sell 47.52<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

21.00% deposit<\/p>\n<\/td>\n

\n

22.00% lending<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

11,011<\/p>\n<\/td>\n

\n

+0.1% (YTD: -8.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,795<\/p>\n<\/td>\n

\n

-0.9% (YTD: +4.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,836<\/p>\n<\/td>\n

\n

-1.3% (YTD: +13.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

6,603<\/p>\n<\/td>\n

\n

+1.0% (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

9,540<\/p>\n<\/td>\n

\n

+0.1% (YTD: +16.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,515<\/p>\n<\/td>\n

\n

-1.0% (YTD: +12.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 62.56<\/p>\n<\/td>\n

\n

-1.3%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 4.58<\/p>\n<\/td>\n

\n

+2.4%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 4,116<\/p>\n<\/td>\n

\n

+0.5%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 84,805<\/p>\n<\/td>\n

\n

-0.4% (YTD: -9.2%)<\/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

968.42<\/p>\n<\/td>\n

\n

+0.1% (YTD: +24.5%)<\/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

152.18<\/p>\n<\/td>\n

\n

+0.1% (YTD: +8.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

23.43<\/p>\n<\/td>\n

\n

-11.3% (YTD: +35.0%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30 fell 0.5% at <\/strong>Thursday\u2019s<\/strong> close<\/strong> on turnover of EGP 6.1 bn (23.8% above the 90-day average). Local investors were the sole net buyers. The index is up 35.5% YTD.<\/p>\n

In the green: <\/strong>Misr Cement (+6.8%), Telecom Egypt (+4.8%), and Ibnsina Pharma (+2.3%).<\/p>\n

In the red: <\/strong>Egypt Aluminum (-2.8%), Beltone Holding (-2.4%), and E-finance (-2.3%).<\/p>\n","protected":false},"excerpt":{"rendered":"

The region\u2019s outstanding debt capital market hit the USD 1.1 tn mark at the end of 3Q 2025<\/p>\n","protected":false},"author":1,"featured_media":676036,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","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":[7106,72,905,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-676035","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-debt","tag-enterpriseam","tag-fitch-ratings","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"1ff29329-c069-4b61-ba28-d0bc4e5de230","order":"14","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/4\/242.jpg","photo_position":"above","homepage_title":"","full_issue_title":"GCC 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