Kamco Invest reports that despite narrowing regional credit spreads, issuance of Gulf Cooperation Council (GCC) bonds and Sukuk bonds slowed significantly in August. Total bond issuance fell to $7.3 billion in August, the lowest monthly level since December, a sharp decline from approximately $18.5 billion in July; no government Sukuk bonds were issued that month. Kamco Invest notes that while GCC dollar-denominated credit spreads narrowed by 10 basis points in August, a renewed rise in global bond yields in early September has largely offset the benefits of the improved interest rate environment.
