Gulf Cooperation Council (GCC) banks’ US dollar debt issuance is on track for its strongest quarter ever in 1Q24, with issuance already exceeding the full-year 2023 total, Fitch Ratings says. Annual issuance in 2024 and 2025 could exceed the 2020 record of USD25.2 billion, boosting liquidity to meet strong credit demand. 1Q24 issuance has been driven by strong investor sentiment fuelled by high oil prices, and rapid credit growth in Saudi Arabia. We expect these drivers to continue, and issuance will also be spurred by about USD30 billion of maturities in 2024-2025 and lower US dollar interest rates. Fitch expects ... (full story)