There's reason to be "optimistic" for sales by government-related enterprises at the start of next year, said Georges Elhedery, head of global markets for the Middle East and North Africa at HSBC Holdings Plc. (HSBA) Issuance this year by so- called GREs fell to about $9.9 billion from about $13 billion in 2011 and compared with $8 billion a year earlier, according to data compiled by Bloomberg.

"The first quarter of 2013 is going to be busy," he said in an interview at his office in Dubai on Dec. 4. "It's difficult to see beyond that."

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