BREAKING: Gulf nations have issued $112 billion in bonds year-to-date, the highest amount on record for this point of the year. Bond sales have more than tripled since 2022. This comes as Saudi Arabia, Kuwait, the UAE, and Qatar seek financing for infrastructure that bypasses the Strait of Hormuz. This includes new ports on the Red Sea and the Gulf of Oman, repairing older oil and gas pipelines, and improving road networks across these countries. Kuwait alone raised $6.0 billion last week, with investor orders reaching $14.8 billion, more than double the amount issued, highlighting resilient demand for the debt of Gulf nations. Gulf nations are borrowing at a record pace as they rush to reshape their infrastructure.(The Kobeissi Letter)