Tadawul sees SAR 534.7 bln sukuk, bond issuances in Q3

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The total value of Saudi-listed sukuk and bond issuances rose by 1% quarter-on-quarter (QoQ) to about SAR 534.7 billion by the end of Q3 2023, according to the Saudi Exchange’s (Tadawul) Debt Market Report for Q3 2023.

Total trading value fell in Q3 2023 by 37% to nearly SAR 2.82 billion from SAR 4.44 billion in Q2 2023.

The total number of transactions rose 34% to 11,489 in the three-month period, compared to 8,583 deals a quarter earlier.

The total number of issuances of listed sukuk and bonds increased to 67 in Q3 2023 from 65 in Q2 2023.

The following table shows the volume of sukuk and bond issuances listed on the Saudi Exchange since Q1 2020.

Volume of Listed Sukuk and Bond Issuances
Period	Value (SAR bln)	Change (SAR bln)	QoQ Change
Q1 2020	358.00	--	--
Q2	392.20	+ 34.2	+10%
Q3	393.43	+ 1.2	+0.3%
Q4	387.84	(5.6)	(1%)
Q1 2021	399.92	+ 12.1	+3%
Q2	423.25	+ 23.3	+6%
Q3	451.70	+ 28.5	+7%
Q4	461.37	+ 9.7	+2%
Q1 2022	488.00	+ 26.6	+6%
Q2	512.36	+ 24.4	+5%
Q3	511.25	(1.1)	(0.2%)
Q4	525.32	+ 14.1	+3%
Q1 2023	526.95	+ 1.6	+0.3%
Q2	529.76	+ 2.8	+1%
Q3	534.72	+ 5.0	+1%

The value of listed government sukuk and bonds at the end of Q3 2023 represented about 96.3%, or nearly SAR 514.7 billion, of the total issuance of sukuk and bonds.

Meanwhile, sukuk and bonds of listed companies accounted for 3.7%, or SAR 20 billion, in Q3 2023, as shown in the table below:

Volume of Listed Sukuk and Bond Issuances by Type
Period	Listed Government Sukuk and Bonds		Sukuk and Bonds of Listed Companies
Period	Value (SAR bln)	Percentage-to-total	Value (SAR bln)	Percentage-to-total
Q1 2020	334.9	93.5%	23.1	6.5%
Q2	369.6	94.2%	22.6	5.8%
Q3	370.8	94.2%	22.6	5.8%
Q4	365.7	94.3%	22.1	5.7%
Q1 2021	377.8	94.5%	22.1	5.5%
Q2	401.3	94.8%	22.0	5.2%
Q3	429.7	95.1%	22.0	4.9%
Q4	439.8	95.3%	21.6	4.7%
Q1 2022	466.4	95.6%	21.6	4.4%
Q2	496.8	97.0%	15.6	3.0%
Q3	499.6	97.7%	11.7	2.3%
Q4	503.9	95.9%	21.4	4.1%
Q1 2023	505.6	95.9%	21.4	4.1%
Q2	509.7	96.2%	20.0	3.8 %
Q3	514.7	96.3%	20.0	3.7 %

Saudis owned debt instruments worth about SAR 529.3 billion, representing 99% of the total debt instruments, as the following table shows:

Ownership by Nationality
Nationality	Value (SAR bln)	Percentage-to-total
Saudis	529.34	99.0%
Foreigners	4.17	0.8%
GCC	1.21	0.2%
Total	534.72	100%

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