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The UAE was the biggest issuer of bonds and sukuk in 2024 in terms of volume, with 109 issuances totaling USD 38.5 bn, up 28.1% y-o-y and accounting for 26% of the market, according to Kuwait Financial Center’s (Markaz) fixed income research report (pdf).
Saudi Arabia followed with 79 issuances, but raised USD 79.5 bn, accounting for 53.7% of issuances in the region, while Qatar came in third, raising USD 15.8 bn from 74 debt instruments, representing 10.7% of the total value of issuances.
Abu Dhabi’s sovereign credit rating, alongside Qatar, remained the strongest in the region during the year. The emirate holds AA ratings from S&P Global, Fitch, and Moody’s.
THE REGIONAL PICTURE-
The region saw a total of 269 issuances valued at USD 147.9 bn, up 55.1% y-o-y, according to the report. This marks the highest level of issuances in a decade.
Corporate issuances still dominate: Sovereign issuances grew to account for 46.1% of total issuances, up from 42.5% in 2023. However, corporate issuances remained dominant, accounting for 53.9% of total issuances and rising 45.5% y-o-y to USD 79.7 bn. Government-related corporate entities raised USD 17.4 bn, up 21.7% y-o-y, Markaz reported.
By the sector: Both the government and financial sector issuances saw growth in size and volume last year. Government issuances topped the charts at USD 68.2 bn raised across 46 issuances, while the financial sector raked in USD 51.3 bn across 203 issuances. The energy sector followed, raising USD 20.3 bn across 28 issuances.
By tenor: Short-term issuances (under five years) nearly doubled, representing 36.5% of total issuances at USD 54 bn. Mid-term issuances (5-10 years) followed at 34.7% of total issuances, raising USD 51.3 bn, while long-term issuances (10–30 years) raked in USD 32.8 bn. Perpetual issuances also increased to USD 7.8 bn. A total of USD 93.3 bn in bonds will mature between 2029 and 2034, said the report.
Large issuances were also popular, with issuances valued at USD 1 bn or more accounting for 46.9% of total issuances across the region, raising USD 69.3 bn. Issuances between USD 500 mn and USD 1 bn followed, totaling USD 50.5 bn across 59 issuances. Meanwhile, 129 issuances under USD 100 mn raised a combined USD 7.2 bn.
