MENA Bond Issuances Rise 59% to $73.4 Billion in H1 2024

KSA, 22 July, 2024 :  Bond issuances in the MENA region reached $73.4 billion in the first half of 2024, a 59% increase from the same period last year, according to LSEG's Deals Intelligence. This is the highest H1 total since LSEG began tracking records in 1980.

The number of issuances also rose by 63% year-on-year. Saudi Arabia led the market, accounting for 49% of total bond proceeds, followed by the UAE with 29% and Qatar with 10%. Financial issuers were responsible for 56% of the proceeds, while Government & Agencies contributed 36%.

Islamic bonds hit a record $27.6 billion in H1 2024, with Saudi Arabia leading in sukuk issuances. KSA Sukuk Ltd. issued the largest Islamic bond at $4.96 billion, followed by Saudi Electricity Sukuk Programme Co. with $2.20 billion. Sukuk made up 38% of total bond proceeds, down slightly from 40% last year.

Standard Chartered led the MENA bond bookrunner rankings with $8.2 billion in proceeds, holding an 11% market share. The bank also topped the MENA Islamic bonds league table, followed by HSBC Holdings PLC.

Source : www.zawya.com