Gulf states rush to load up on foreign debt at lowest premiums on record

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Countries in the oil-rich Gulf have rushed to sell international debt, as their borrowing costs in relation to US Treasury yields fall to some of the lowest levels on record.

Saudi Arabia and its state companies, as well as Abu Dhabi, Bahrain and Kuwait, issued more than $27bn in dollar-denominated bonds and sukuk, an Islamic sharia-compliant form of debt, during September, in what bankers and investors said was the…