MENA fixed income instruments provided a relative oasis of calm against volatile market moves in 2018. MENA hard currency bond and Sukuk issuance reached USD 84 billion in 2018, with demand for new issues remaining high as regional debt was oversubscribed 2x -2.5x, according to a white paper by KAMCO Investment Company, Emirates NBD Asset Management, and Fisch Asset Management. Investor appetite is likely to remain strong in 2019, as GCC bonds are included in the JP Morgan EMBI index series and regional governments sustain ambitious reform agendas.