countries might look close geographically, but their debt
regimes are very diverse
The Cooperation Council for the Arab States of the Gulf
(GCC) region has seen an increase in conventional international
debt securities issuances by borrowers in the past few years.
Before 2004, only one debt issuance programme had been
established and three international standalone bonds (not
including any securities issued under the programme) issued.
During 2004, three debt programmes were established and three
standalone bonds (not including programme trades) were issued.
In 2005, these numbers were 10 and four, respectively, and, in
the first nine months of 2006, nine and eight.
The GCC region comprises the United Arab Emirates, the State
of Qatar, the Kingdom of Bahrain, the State of Kuwait, the
Kingdom of Saudi Arabia, and the Sultanate of Oman.
Each of the GCC region jurisdictions presents its own
challenges in terms of structuring transactions to...