GCC fixed income market sees $148bn in primary issuances
KUWAIT CITY, 9 days ago
The primary debt issuances of bonds and sukuks in the Gulf region rose to $147.9 billion through 296 issuances during 2024, up 55.1% over the previous year, according to Kuwait Financial Centre (Markaz).
This growth was spearheaded by Saudi-based issuances raising $79.5 billion through 79 issuances, up from $52.5 billion in 2023, thus registering an increase of 51.2%, and representing 53.7% of issuances for the year, stated Markaz in its fixed income report.
UAE-based issuances ranked second, with $38.5 billion through 109 issues, representing 26% of the market, followed by Qatari entities with $15.8 billion through 74 issuances, representing 10.7% of the issuances over the year.
Bahraini issuers came next with a total issuance size of $6.9 billion through 10 issuances, up 29.1% over the previous year.
According to Markaz, the Kuwaiti issuances recorded the largest year-over-year growth, posting a 358.6% increase from the previous year. It netted a total value of $3.9 billion through nine issuances.
Omani entities recorded the lowest value of issuances during the year, with $3.4 billion raised through 15 issuances, representing 2.3% of issuances, stated the report.
According to Markaz, the total GCC corporate primary issuances increased by 45.5% from 2023, amounting to $79.7 billion raised, compared to $54.8 billion raised in 2023.
Corporate issuances represented 53.9% of total issuances for the year, following the same trend as in 2023, where corporate issuances represented 57.5% of total issuances.
Government related corporate entities raised a total of $17.4 billion in 2024, representing 21.7% of all corporate issuances, stated the Kuwait Financial Centre in its report.
The total GCC sovereign primary issuances increased by 68.2% in 2024, raising $68.2 billion throughout the year, representing 46.1% of total issuances.
Conventional issuances increased by 79.4% in 2024 compared to 2023, raising a total of $78.9 billion for the year, it added.-TradeArabia News Service
