RIYADH: Debt issuances in the Middle East and North Africa region nearly tripled in value year-on-year during the first quarter of 2023 to reach $26.9 billion, data from Refinitiv showed.
Saudi Arabia topped the regional list accounting for 67 percent of the total bond proceeds, followed by the UAE with 17 percent, Morocco (9 percent) and Egypt (6 percent).
Government and agencies issuers accounted for 55 percent of proceeds raised during the first quarter while financial issuers represented 45 percent of the market share.
Sukuk raised $6.3 billion during the first quarter of 2023, a 57 percent increase year-on-year and a three-year high. Sukuk accounted for 23 percent of total bond proceeds raised in the region during the first quarter of 2023, versus 42 percent during the first quarter of 2022.
Also called an Islamic bond, sukuk is a debt product issued according to Shariah or Islamic laws.
IsDB Trust Services No. 2 SARL, domiciled in Saudi Arabia, was the largest MENA sukuk at $2 billion and was issued by the financial sector. The Egyptian government’s $1.5 billion was the next largest, followed by UAE’s DIB sukuk of $1 billion.
Citi took the top spot in the MENA bond book-runner ranking during the first quarter of 2023, with $3.5 billion of related proceeds, or a 13 percent market share. Emirates NBD PJSC ranked first in the first quarter of 2023 MENA Islamic bonds league table with $863.6 million proceeds from issuances grabbing 14 percent of the market share.
