{"id":89536,"date":"2024-09-11T00:00:00","date_gmt":"2024-09-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/09\/11\/saudi-debt-issuances-to-slow-in-2h-2024-after-a-blockbuster-first-half-fitch\/"},"modified":"2024-09-11T00:00:00","modified_gmt":"2024-09-11T00:00:00","slug":"saudi-debt-issuances-to-slow-in-2h-2024-after-a-blockbuster-first-half-fitch","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/09\/11\/saudi-debt-issuances-to-slow-in-2h-2024-after-a-blockbuster-first-half-fitch\/","title":{"rendered":"Saudi debt issuances to slow in 2H 2024 after a blockbuster first half -Fitch"},"content":{"rendered":"

Saudi\u2019s debt capital market grew 18% y-o-y to USD 407.7 bn in 1H 2024<\/strong>, Fitch Ratings said in a report<\/a>. The issuances were evenly split between USD and SAR-denominated instruments, with sukuk comprising nearly two-thirds of the total. The ratings agency noted that a notable portion of this debt was tied to ESG.<\/p>\n

The Kingdom had a blockbuster 1H:<\/strong> Saudi was the biggest USD-denominated debt issuer among emerging markets (excluding China) and was the largest in terms of global sukuk issuances during 1H 2024, according to Fitch. <\/p>\n

Foreign ownership of local government bonds rose to 7.2% by mid-2024<\/strong>, driven by local issuances being included in global bond indices and stronger links with international securities depositories. This marks a 35% increase from the 0.2% foreign ownership rate in 2022.<\/p>\n

There\u2019s more to come\u2026<\/strong> \u201cGovernment projects under Vision 2030, deficit funding, diversification, and regulatory reforms are set to push Saudi Arabia's sukuk and bond market past USD 500 bn in the coming years,\u201d said Bashar Al Natoor, Global Head of Islamic Finance at Fitch Ratings. With oil revenues expected to \u201cmoderate,\u201d Fitch sees Saudi tapping debt markets with \u201csubstantial\u201d USD-denominated issuances to finance its diversification plans. <\/p>\n

\u2026but not without catching our breath:<\/strong> However, Saudi is expected to issue less debt in 2H 2024, partly because Saudi Aramco is paying out larger dividends, curbing the government\u2019s need to borrow more money, Fitch says. <\/p>\n

IN CONTEXT- <\/strong>The government counts on Aramco dividends<\/a> to bridge budget deficit and to finance its diversification away from oil, with oil accounting for some 67% of government revenues at present. The company\u2019s dividends pushed SAMA\u2019s foreign reserves to an 18-month high of SAR 1.67 tn in June<\/a>. Saudi Arabia\u2019s government owns 97% of Aramco. Jadwa Investment said last month<\/a> that greater returns from Aramco on the back of more performance-linked dividends and a boost in dividends per share will keep state hydrocarbon revenues this year on par with last year\u2019s despite a downtick in export volumes.<\/p>\n

Risks:<\/strong> The local debt market is vulnerable to swings in oil prices, interest rate hikes, investor jitters over rising debt levels, and regional geopolitical tensions, Fitch said.<\/p>\n

\n

ALSO FROM DEBT MARKETS-<\/p>\n

The Kingdom accounted for the lion\u2019s share of sovereign sukuk issuances in the GCC<\/strong> during 1H 2024<\/strong>, making up some 37% of the USD 69.2 bn total, which was up 138% y-o-y, Zawya<\/a> reports citing a report by credit ratings agency Moody\u2019s. The government also issued USD 17 bn in longer-dated sukuks in 1H 2024 to refinance debts maturing in 2024, 2025, and 2026, with that trend expected to continue, Moody\u2019s said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sukuk made up nearly two-thirds of the total<\/p>\n","protected":false},"author":1,"featured_media":89537,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2590],"tags":[2441,57,10,110,118],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89536","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt","tag-debt-watch","tag-enterpriseam-ksa","tag-foreign-direct-investment","tag-sukuk","wpautop","entry"],"acf":{"mongo_id":"94c5d8de-792b-49a3-87e6-4f573bcdacc2","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/9\/853.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi debt issuances to slow in 2H 2024 after a blockbuster first half -Fitch","related_issue":[89525],"teaser":"Sukuk made up nearly two-thirds of the total","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.278d1689-1ffd-4935-98a5-6c016df6991b.mp3"},"yoast_head":"\nSaudi debt issuances to slow in 2H 2024 after a blockbuster first half -Fitch - 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