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Zawya
04-08-2025
- Business
- Zawya
GCC fixed income market sees $92bln in primary issuances for H1
The primary debt issuances of bonds and sukuk in the GCC countries amounted to $92.04 billion through 215 issuances during the first half of the year, down 5.5% from the same period last year, where issuances in H1 2024 amounted to $97.36 billion, according to Kuwait Financial Centre (Markaz). Saudi-based issuances led the GCC during H1, raising $47.93 billion through 71 issuances, down from $59.73 billion in H1 2024 a decrease of 19.8%, and representing 52.1% of issuances during the year, stated Markaz in its Fixed Income Report. UAE- based issuances ranked second, with $24.03 billion through 69 issuances, representing 26.1% of the market, an increase of 22.2% from the same period last year. Qatari entities were the third largest issuers in terms of value, with $10 billion issued through 58 issuances, representing 10.9% of the issuances over the period. Bahraini issuers came next with a total issuance size of $5.62 billion through 7 issuances, up 49.7% increase from the same period last year. Kuwaiti issuances recorded a 48% increase from the same period last year, recording a total value of $3.39 billion through 4 issuances. Omani entities recorded the lowest value of issuances during the year, with $1.08 billion raised through 6 issuances, representing 1.2% of the total value of issuances. According to Markaz, the total GCC corporate primary issuances increased by 67.7% in H1 2025, amounting to $60.20 billion raised, compared to $35.91 billion raised in H1 2024. Corporate issuances represented 65.4% of total issuances for the first half of 2025, contrasting with the preference of issuances in H1 2024 where more sovereign entities raised capital (Corporate issuances H1 2024: 36.9%). Government related corporate entities raised $11.2 billion through 11 issuances during the year, an increase of 1.8% from H1 2024 ($11.0 billion through 10 issuances), said the report. Total GCC sovereign primary issuances decreased by 48.2% in H1 2025, raising $31.85 billion throughout the year, representing 34.6% of total issuances, it added. According to Markaz, conventional issuances increased by 7.8% in H1 2025 compared to H1 2024, raising a total of $51.61 billion for the year. Sukuk issuances, meanwhile, decreased by 18.2% in H1 2025, resulting in a total value of $40.43 billion for the year so far. As for issuance preferences, H1 2025 saw an increased appetite for conventional issuances in the GCC, representing 56.1% of total issuances for the year. This is a change in issuance preferences from H1 2024, where more Sukuk were issued than conventional bonds, it stated. Sector wise, the finance led the bond and sukuk issuances in H1 with total value of $40.1 billion through 167 issuances representing 43.6% of total issuances, followed by government issuances with $31.9 billion through 25 issuances, representing 34.6% of total issuances. This represents an increase for the financial sector (31.1%) and a decrease for government issuances (-48.2%) when compared to the same period last year. The energy sector came next with $8.6 billion through 9 issuances, representing 9.4% of total issuances, with the remaining sectors together representing a small portion of total issuance (12.5%), it added.- TradeArabia News Service Copyright 2025 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Kuwait Times
03-08-2025
- Business
- Kuwait Times
GCC market sees $92.04bn in primary issuances in H1
KUWAIT: In its Fixed Income Report, Kuwait Financial Centre (Markaz) states that primary debt issuances of Bonds and Sukuk in the Gulf Cooperation Council (GCC) countries amounted to $92.04 billion through 215 issuances during H1 2025, a 5.5 percent decrease from the same period last year, where issuances in H1 2024 amounted to $97.36 billion. Issuances by Geography: Saudi-based issuances led the GCC during H1 2025, raising $47.93 billion through 71 issuances, down from $59.73 billion in H1 2024 a decrease of 19.8 percent, and representing 52.1 percent of issuances during the year. UAE-based issuances ranked second, with $24.03 billion through 69 issuances, representing 26.1 percent of the market, an increase of 22.2 percent from the same period last year. Qatari entities were the third largest issuers in terms of value, with $10.0 billion issued through 58 issuances, representing 10.9 percent of the issuances over the period. Bahraini issuers follow, with a total issuance size of $5.62 billion through 7 issuances, a 49.7 percent increase from the same period last year. Kuwaiti issuances recorded a 48.0 percent increase from the same period last year, recording a total value of $3.39 billion through 4 issuances. Omani entities recorded the lowest value of issuances during the year, with $1.08 billion raised through 6 issuances, representing 1.2 percent of the total value of issuances. Sovereign vs Corporate: Total GCC corporate primary issuances increased by 67.7 percent in H1 2025, amounting to $60.20 billion raised, compared to $35.91 billion raised in H1 2024. Corporate issuances represented 65.4 percent of total issuances for the first half of 2025, contrasting with the preference of issuances in H1 2024 where more sovereign entities raised capital (corporate issuances H1 2024: 36.9 percent). Government related corporate entities raised $11.2 billion through 11 issuances during the year, an increase of 1.8 percent from H1 2024 ($11.0 billion through 10 issuances). Total GCC sovereign primary issuances decreased by 48.2 percent in H1 2025, raising $31.85 billion throughout the year, representing 34.6 percent of total issuances. Conventional vs Sukuk: Conventional issuances increased by 7.8 percent in H1 2025 compared to H1 2024, raising a total of $51.61 billion for the year. Sukuk issuances, meanwhile, decreased by 18.2 percent in H1 2025, resulting in a total value of $40.43 billion for the year so far. As for issuance preferences, H1 2025 saw an increased appetite for conventional issuances in the GCC, representing 56.1 percent of total issuances for the year. This is a change in issuance preferences from H1 2024, where more Sukuk were issued than conventional bonds. Sector Segmentation: The Financial sector led the bond and sukuk issuances in H1 2025, with total value of $40.1 billion through 167 issuances representing 43.6 percent of total issuances. Government issuances follow, with $31.9 billion through 25 issuances, representing 34.6 percent of total issuances. This represents an increase for the financial sector (31.1 percent) and a decrease for government issuances (-48.2 percent) when compared to the same period last year. The energy sector follows, with $8.6 billion through 9 issuances, representing 9.4 percent of total issuances, with the remaining sectors together representing a small portion of total issuance (12.5 percent). Maturity profile: In H1 2025, primary issuances with less than 5-year tenors represented 46.9 percent of GCC debt capital markets with a total value amounting to $43.2 billion through 154 issuances. Primary issuances with 5-10-year tenors followed, raising $31.1 billion through 43 issuances, representing 33.8 percent of total issuances. Primary issuances with 10-30-year tenors represented 9.6 percent of GCC debt capital markets with a total value of $8.8 billion through 5 issuances during the year. One issuance came in with a maturity greater than (GT) 30 years with a value of $1 billion, while perpetual issuances saw an increase in both the size and number of issuances when compared to H1 2024, with a total value of $8.0 billion through 12 issuances. Issue size profile: During H1 2025, GCC primary issuances ranged in size from $2.0 million to $5.0 billion. Issuances with issue size of $1 billion or greater raised the largest amount, totaling $54.5 billion through 32 issuances and representing 59.2 percent of the total amount issued in the GCC. Issuances sized between $500 million and $1 billion followed, with a total issuance size of $27.0 billion through 44 issuances. The highest number of issuances was under $100 million issue size, where there were 105 issuances that raised a total amount of $3.2 billion during H1 2025. Currency profile: US dollar-denominated issuances led the GCC bonds and sukuk primary market again in H1 2025, raising a total of $73.1 billion through 146 issuances, representing a substantial 79.4 percent of the total value raised in primary issuances during the year so far. The second largest issue currency was the Saudi Riyal (SAR), where SAR denominated issuances raised a total of $7.0 billion through 8 issuances. As for currencies bucketed under 'Other' which totaled $2.0 billion, the Hong Kong Dollar (HKD) represented 0.74 percent of total issuances with a total value of $682 million through 20 issuances. Rating: In terms of value, a total of 74.0 percent of GCC Conventional and Sukuk bonds were rated in H1 2025 by at least one of the following rating agencies: Standard & Poor's, Moody's, Fitch and Capital Intelligence, an increase from H1 2024 (57.2 percent of all issuances rated). Issuances rated within the Investment Grade accounted for 67.7 percent of the total issuances during the year, while Sub-Investment Grade accounted for 6.3 percent of rated bonds.
Zawya
21-04-2025
- Business
- Zawya
GCC fixed income market sees $51.5bln in primary issuances in Q1
The primary debt issuances of bonds and sukuk in the GCC countries amounted to $51.51 billion through 125 issuances during the first quarter of 2025, down 7.1% from the same quarter last year, where issuances in Q1 2024 stood at $55.5 billion, according to Kuwait Financial Centre (Markaz). Saudi-based issuances led the GCC during Q1 2025, raising $31.01 billion through 46 issuances, down from $38.55 billion in Q1 2024 a decrease of 19.6%, and representing 60.2% of issuances during the year, stated Markaz in its Fixed Income Report. UAE- based issuances ranked second, with $10.17 billion through 29 issues, representing 19.7% of the market, an increase of 61.6% from the same quarter last year. Qatari entities were the third largest issuers in terms of value, with $7.14 billion issued through 38 issuances, representing 13.9% of the issuances over the quarter. Bahraini issuers follow, with a total issuance size of $1.53 billion through 2 issuances, a 44.5% decrease from the same quarter last year. Kuwaiti issuances recorded a 40.7% increase from the same quarter last year, recording a total value of $1.41 billion through 9 issuances. Omani entities recorded the lowest value of issuances during the year, with $260 million raised through 1 issuance, representing 0.5% of the total value of issuances. According to Markaz, the total GCC corporate primary issuances increased by 45.3% from Q1 2024, amounting to $32.12 billion raised, compared to $22.11 billion raised in Q1 2024. Corporate issuances represented 62.4% of total issuances for Q1, contrasting with the preference of issuances last year where more sovereign entities raised capital (Corporate issuances Q1 2024: 39.9%). Government related corporate entities raised a total of $6.8 billion in Q1 2025, representing 21.2% of all corporate issuances. Total GCC sovereign primary issuances decreased by 41.8% in Q1 2025, raising $19.39 billion throughout the year, representing 37.6% of total issuances. On the conventional issuances, Markaz said it increased by 15.8% in Q1 2025 compared to Q1 2024, raising a total of $33.76 billion for the quarter. Sukuk issuances decreased by 32.5% in Q1 2025, resulting in a total value of $17.75 billion for the quarter. As for issuer preferences, Q1 2025 saw an increased appetite for conventional bond issuances in the GCC, representing 65.5% of total issuances for the quarter. This follows the same trend as in Q1 2024, where conventional bonds also represented the bulk of issuances, with 52.6% of all issuances in Q1 2024 being conventional bonds. According to Markaz, the Financial sector led the bond and sukuk issuances in Q1 2025, with total value of $22 billion through 100 issuances representing 42.8% of total issuances followed by Government issuances with $19.4 billion through 12 issuances, representing 37.6% of total issuances. This represents an increase for the financial sector (23.6%) and a decrease for government issuances (-41.8%) when compared to the same period last year, it stated. The real estate sector was on the third spot with $4.3 billion through 5 issuances representing 8.3% of total issuances, with the remaining sectors together representing a small portion of total issuance (11.34%). Markaz pointed out that US Dollar-denominated issuances led the GCC bonds and sukuk primary market in Q1 raising a total of $44.9 billion through 92 issuances, representing a substantial 87.2% of the total value raised in primary issuances during the year. The second largest issue currency was the Euro, where Euro denominated issuances raised a total of $3 billion through 4 issuances. As for currencies bucketed under 'Other' which totaled $1 billion, the Hong Kong Dollar (HKD) represented 0.83% of total issuances with a total value of $428 million through 12 issuances, it added. -TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
19-04-2025
- Business
- Trade Arabia
GCC fixed income market sees $51.5bn in primary issuances in Q1
The primary debt issuances of bonds and sukuk in the GCC countries amounted to $51.51 billion through 125 issuances during the first quarter of 2025, down 7.1% from the same quarter last year, where issuances in Q1 2024 stood at $55.5 billion, according to Kuwait Financial Centre (Markaz). Saudi-based issuances led the GCC during Q1 2025, raising $31.01 billion through 46 issuances, down from $38.55 billion in Q1 2024 a decrease of 19.6%, and representing 60.2% of issuances during the year, stated Markaz in its Fixed Income Report. UAE- based issuances ranked second, with $10.17 billion through 29 issues, representing 19.7% of the market, an increase of 61.6% from the same quarter last year. Qatari entities were the third largest issuers in terms of value, with $7.14 billion issued through 38 issuances, representing 13.9% of the issuances over the quarter. Bahraini issuers follow, with a total issuance size of $1.53 billion through 2 issuances, a 44.5% decrease from the same quarter last year. Kuwaiti issuances recorded a 40.7% increase from the same quarter last year, recording a total value of $1.41 billion through 9 issuances. Omani entities recorded the lowest value of issuances during the year, with $260 million raised through 1 issuance, representing 0.5% of the total value of issuances. According to Markaz, the total GCC corporate primary issuances increased by 45.3% from Q1 2024, amounting to $32.12 billion raised, compared to $22.11 billion raised in Q1 2024. Corporate issuances represented 62.4% of total issuances for Q1, contrasting with the preference of issuances last year where more sovereign entities raised capital (Corporate issuances Q1 2024: 39.9%). Government related corporate entities raised a total of $6.8 billion in Q1 2025, representing 21.2% of all corporate issuances. Total GCC sovereign primary issuances decreased by 41.8% in Q1 2025, raising $19.39 billion throughout the year, representing 37.6% of total issuances. On the conventional issuances, Markaz said it increased by 15.8% in Q1 2025 compared to Q1 2024, raising a total of $33.76 billion for the quarter. Sukuk issuances decreased by 32.5% in Q1 2025, resulting in a total value of $17.75 billion for the quarter. As for issuer preferences, Q1 2025 saw an increased appetite for conventional bond issuances in the GCC, representing 65.5% of total issuances for the quarter. This follows the same trend as in Q1 2024, where conventional bonds also represented the bulk of issuances, with 52.6% of all issuances in Q1 2024 being conventional bonds. According to Markaz, the Financial sector led the bond and sukuk issuances in Q1 2025, with total value of $22 billion through 100 issuances representing 42.8% of total issuances followed by Government issuances with $19.4 billion through 12 issuances, representing 37.6% of total issuances. This represents an increase for the financial sector (23.6%) and a decrease for government issuances (-41.8%) when compared to the same period last year, it stated. The real estate sector was on the third spot with $4.3 billion through 5 issuances representing 8.3% of total issuances, with the remaining sectors together representing a small portion of total issuance (11.34%). Markaz pointed out that US Dollar-denominated issuances led the GCC bonds and sukuk primary market in Q1 raising a total of $44.9 billion through 92 issuances, representing a substantial 87.2% of the total value raised in primary issuances during the year. The second largest issue currency was the Euro, where Euro denominated issuances raised a total of $3 billion through 4 issuances.
