The Arab Energy Fund recorded a landmark year in 2025, redefining its profile in the international bond markets through renewed issuance frequency, sharper execution and decisive spread compression. Returning after several years of limited activity, TAEF raised over USD2.15bn across four public transactions, navigating volatile market conditions with precision and achieving record-tight pricing for a GCC AA-rated SSA issuer. A successful re-entry into the Formosa market materially diversified its investor base, while consistent pricing inside its secondary curve repositioned the fund as a regional pricing reference rather than a follower. These tangible improvements in execution, diversification and market perception make The Arab Energy Fund the clear winner of the Most Improved Bond Market Issuer Award.