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  • 12-04-23

    Debt Issuances in MENA Region Nearly Tripled in Value in Q1 2023

    (MENAFN) According to data from Refinitiv, debt issuances in the Middle East and North Africa (MENA) region almost tripled in value year-on-year during the first quarter of 2023, reaching USD26.9 billion. Saudi Arabia emerged as the top regional contributor, accounting for 67 percent of the total bond proceeds, followed by UAE at 17 percent, Morocco at 9 percent, and Egypt at 6 percent. Government and agencies issuers contributed to 55 percent of the proceeds raised during the first quarter, while financial issuers represented 45 percent of the market share.

    The first quarter of 2023 witnessed a significant increase in sukuk, an Islamic bond issued according to Shariah or Islamic laws. Sukuk raised USD6.3 billion, representing a 57 percent increase year-on-year and a three-year high. Sukuk accounted for 23 percent of the total bond proceeds raised in the region during the first quarter of 2023, compared to 42 percent during the same period in 2022.

    The largest MENA sukuk was issued by IsDB Trust Services No. 2 SARL, domiciled in Saudi Arabia, with a value of USD2 billion from the financial sector. The next largest was the Egyptian government's USD1.5 billion, followed by UAE's DIB sukuk of USD1 billion.

    Citi secured the top spot in the MENA bond book-runner ranking during the first quarter of 2023, with USD3.5 billion of related proceeds, representing a 13 percent market share. Meanwhile, Emirates NBD PJSC ranked first in the first quarter of 2023 MENA Islamic bonds league table, with USD863.6 million proceeds from issuances, grabbing 14 percent of the market share.

    In summary, the MENA region saw a significant increase in debt issuances during the first quarter of 2023, with Saudi Arabia leading the way. The region also witnessed a surge in sukuk, with IsDB Trust Services No. 2 SARL's USD2 billion sukuk emerging as the largest in the region. Citi and Emirates NBD PJSC secured top spots in the MENA bond book-runner ranking and the first quarter of 2023 MENA Islamic bonds league table, respectively.

    MENAFN12042023000045014228ID1105988616

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