Saudi Arabia Completes SR3.23 Billion Sukuk Issuance for May
Saudi Arabia has wrapped up its riyal-denominated sukuk issuance for May, totaling SR3.23 billion ($860 million), as reported by the National Debt Management Center.
Continued Growth in Sukuk Issuance
The Kingdom’s sukuk issuance trend has been on the rise, with SR7.39 billion issued in April, SR4.44 billion in March, and SR7.87 billion in February.
Details of May’s Sukuk Offering
The Shariah-compliant debt product for May was split into two tranches, with the first tranche valued at SR71 million maturing in 2029, and the second tranche of SR3.16 billion due in 2036.
Government Sukuk Savings Round Conclusion
In March 2024, NDMC concluded its second government sukuk savings round, with a total volume of requests reaching SR959 million, allocated to 37,000 applicants.
Global Outlook for Sukuk Market
S&P Global predicts that global sukuk issuance will range between $160 billion to $170 billion in 2024, with Saudi Arabia playing a significant role in the market’s performance.
Positive Forecast for Sukuk Market Growth
Fitch Ratings also expects the global sukuk market to continue its growth trajectory, fueled by economic diversification efforts and the development of the debt capital market in the Gulf Cooperation Council region.