Bond issuance out of the Middle East and North Africa (Mena) region is set to exceed 2010 levels, according to the UK’s HSBC.

Andrew Dell, head of debt capital markets for the Central and Eastern Europe, Middle East and Africa (Ceemea) at the bank, says, “Next year will be comfortably in excess of this year, [pushed] by the huge infrastructure drive in the region and some deficit spending by governments.”

In the first three quarters of 2010, about $30bn of bonds were completed, although by the end of 2010 the figure is expected to be above $40bn of deals closed.

Dell also says that international investors are now much more receptive to Middle East issuers. “The global investor base has an unprecedented interest in the region and is very positive on regional deals,” he says. “The size of the deal flow also means that global investors in emerging markets now have to take a view on the region.”