RIYADH: Saudi Arabia’s stock exchange has approved the listing of SR45.28 billion ($12.08 billion) worth of government debt instruments submitted by the Ministry of Finance.
A Tadawul statement revealed that the exchange approved increasing the issuance of a government debt instrument, dated April 7, from SR15.98 billion to SR17.63 billion.
Similarly, the bourse also approved the increase of another instrument, dated April 1, from SR29.29 billion to SR38.53 billion.
According to a Tadawul statement, the listing commenced on May 27.
On May 23, the exchange approved the Ministry of Finance’s request to list Saudi government debt instruments with a total value of SR18.84 billion. Trading in these debt instruments will begin on May 27.
Earlier this month, Saudi Arabia’s National Debt Management Center revealed that the Kingdom completed its riyal-denominated sukuk issuance for May at SR3.23 billion.
In a press statement, the NDMC disclosed that the Shariah-compliant debt product for the month was divided into two tranches: the first, valued at SR71 million, set to mature in 2029, and the second, valued at SR3.16 billion, due in 2026.
In April, Saudi Arabia issued sukuk amounting to SR7.39 billion, compared to SR4.44 billion in March and SR7.87 billion in February.
In March, the NDMC also concluded its second government sukuk savings round, with a total volume of requests reaching SR959 million, allocated to 37,000 applicants.
In March, the center announced that this financial product, also known as Sah, offers a return of 5.64 percent and has a maturity date of March 2025.
In April, a report released by credit-rating agency S&P Global projected that global sukuk issuance will hover between $160 billion and $170 billion in 2024.
The US-based firm also noted that the issuance of this debt product began on a strong footing in 2024, with Saudi Arabia becoming a key contributor to the performance.
Another study released by Fitch Ratings in April echoed similar views, noting that global sukuk issuance is expected to continue its robust growth in the coming months, propelled by economic diversification efforts and the development of the debt market.
