Tadawul sees SAR 549.8B sukuk, bond issuances in Q4 2023

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The total value of Saudi-listed sukuk and bond issuances rose by 3% quarter-on-quarter (QoQ) to about SAR 549.8 billion by the end of Q4 2023, according to the Saudi Exchange’s (Tadawul) Debt Market Report for the quarter.

In Q4 2023, total traded value increased by 67% to nearly SAR 4.70 billion from SAR 2.82 billion in Q3 2023.

The total number of transactions was up 11% to 12,769 in the three-month period, compared to 11,489 deals a quarter earlier.

The total number of issuances of listed sukuk and bonds amounted to 66 in Q4 2023, compared to 67 in Q3 2023.

Meanwhile, the ratio of listed sukuk and bonds to GDP rose to 13.81% in Q4 2023, from 13.54% in Q3 2023.

The following table shows the volume of sukuk and bond issuances listed on Tadawul 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%
Q4	549.84	+15.1	+3%

The value of government-listed sukuk and bonds at the end of Q4 2023 represented about 96.4%, or nearly SAR 529.8 billion, of the total issuances of sukuk and bonds.

Meanwhile, sukuk and bonds of listed companies accounted for 3.6%, or SAR 20 billion, in Q4 2023, as shown in the table below:

Volume of Listed Sukuk & Bond Issuances by Type
Period	Government-Listed Sukuk & Bonds		Sukuk & Bonds of Listed Companies
Period	Value (SAR bln)	Ratio to Total	Value (SAR bln)	Ratio 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%
Q4	529.80	96.4%	20.0	3.6%

Saudis owned debt instruments worth about SAR 541.1 billion, representing 98% of the total.

Meanwhile, foreign ownership of debt instruments rose 80% to SAR 7.5 billion, from SAR 4.2 billion in Q3 2023, as indicated below:

Ownership by Nationality
Nationality	Value (SAR bln)	Ratio to Total
Saudis	541.15	98.4%
Foreigners	7.49	1.4%
GCC	1.21	0.2%
Total	549.84	100%

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