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GBSA releases guidelines for issuers

Abu Dhabi, November 21, 2011

The Gulf Bond and Sukuk Association (GBSA), the sole industry association representing the Gulf debt capital market, has released an inaugural set of investor relations standards for bond and sukuk issuers in the region.

It is the first set of agreed guidelines and standards ever issued in the Middle East region for issuers of debt, a statement from the organisation said.

The release of these initial standards follows both a survey and a series of consultations with leading issuers and investors from across the region lasting more than a year.

Andrew Dell, chairman of the GBSA and managing director of Ceemea debt capital markets, global capital financing at HSBC, said: “The growing importance of debt markets for the region makes it crucial that we promote best practices and standards across all elements of the industry. We expect that issuers will refer to these new standards as best practice benchmarks.”

The release of the GBSA standards was announced at the Middle East Investor Relations Society Annual Conference and Awards Ceremony at the Yas Hotel, Abu Dhabi, the statement said.

During the event, GBSA stated that the Washington-based Institute for International Finance (IIF) has reviewed and fully supports the investor relations principles.

Giambattista Atzeni, chairman of GBSA’s investor relations committee and vice president at BNY Mellon Corporate Trust, said: “These new industry standards and practices can now be adopted by regional companies and governments committed to providing timely and full disclosure to both regional and global debt investors.”

The new debt issuance standards and practices will be periodically re-examined by the GBSA, the regional bond and sukuk industry in future years to ensure it reflects market developments. – TradeArabia News Service

Tags: UAE | abu dhabi | Gulf | sukuk | bond | debt | guidelines | Issuer | GBSA |

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