الرئيسية
Adds analysis, background)
DUBAI, Dec 26 (Reuters) - Qatar has completed
procedures to list government debt instruments for trade on its
securities exchange, aiming to stimulate investment in them by
commercial banks and other institutions, the central bank said
on Monday.
Trade in short-term Qatari Treasury bills will begin on the
Qatar Exchange this Thursday, central bank governor Sheikh
Abdullah bin Saud al-Thani said in a statement, with trade in
government bonds and sukuk (Islamic bonds) to start "at a later
stage".
Listing Qatari government bills and bonds on an exchange,
rather than limiting trade to opaque over-the-counter dealings
between banks, could make their secondary market prices more
transparent and stable, increasing trading activity.
A more active debt market could in turn encourage companies
to issue more bonds, reducing their reliance on bank lending,
which has been hurt even in the wealthy Gulf region by jitters
over the euro zone debt crisis.
"The secondary market in bonds will encourage companies to
issue debt instruments and will boost liquidity on the stock
market of Qatar," the central bank statement said.
Since May the central bank in Qatar, the world's largest
natural gas exporter, has been issuing about 2 billion riyals
($550 million) worth of T-bills monthly with maturities ranging
from three to nine months, to drain excess funds from the
banking system and help create a domestic yield curve. Qatari
banks held about 8 billion riyals of T-bills at the end of
September.
Qatar has been preparing steps to deepen its debt market for
many months, but has proceeded cautiously. In March, the Qatar
Exchange's chief executive Andre Went said the bourse was
considering whether to allow trading of bonds by the second
quarter of this year, and would start with trading of government
debt before slowly moving to corporate bonds.
(Editing by Andrew Torchia)
DUBAI, Dec 26 (Reuters) - Qatar has completed
procedures to list government debt instruments for trade on its
securities exchange, aiming to stimulate investment in them by
commercial banks and other institutions, the central bank said
on Monday.
Trade in short-term Qatari Treasury bills will begin on the
Qatar Exchange this Thursday, central bank governor Sheikh
Abdullah bin Saud al-Thani said in a statement, with trade in
government bonds and sukuk (Islamic bonds) to start "at a later
stage".
Listing Qatari government bills and bonds on an exchange,
rather than limiting trade to opaque over-the-counter dealings
between banks, could make their secondary market prices more
transparent and stable, increasing trading activity.
A more active debt market could in turn encourage companies
to issue more bonds, reducing their reliance on bank lending,
which has been hurt even in the wealthy Gulf region by jitters
over the euro zone debt crisis.
"The secondary market in bonds will encourage companies to
issue debt instruments and will boost liquidity on the stock
market of Qatar," the central bank statement said.
Since May the central bank in Qatar, the world's largest
natural gas exporter, has been issuing about 2 billion riyals
($550 million) worth of T-bills monthly with maturities ranging
from three to nine months, to drain excess funds from the
banking system and help create a domestic yield curve. Qatari
banks held about 8 billion riyals of T-bills at the end of
September.
Qatar has been preparing steps to deepen its debt market for
many months, but has proceeded cautiously. In March, the Qatar
Exchange's chief executive Andre Went said the bourse was
considering whether to allow trading of bonds by the second
quarter of this year, and would start with trading of government
debt before slowly moving to corporate bonds.
(Editing by Andrew Torchia)