JPMorgan Sees Virus Fallout Stoking Middle East Deals Into 2021
- Bond issuance to continue apace as states shore up finances
- Covid-19 poised to accelerate consolidation among companies
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The financial fallout from the coronavirus pandemic will keep fueling debt issuance from the Middle East into 2021, while also stoking mergers and acquisitions as companies seek to consolidate, according to JPMorgan Chase & Co.
Growth in lending by the bank, coupled with fees from arranging bond and M&A deals, will drive the U.S. company’s operations in the region, Karim Tannir, JPMorgan’s joint-senior country officer for the Middle East and North Africa, said in an interview. The United Arab Emirates and Saudi Arabia will be the main drivers.