Executive Summary
The GCC Bonds and Sukuk market primary issuances in H1 2024 raised USD 75.5 billion raised through 173 Sovereign and Corporate issuances, recording a 38% increase from the same period last year. While conventional issuances regained popularity among investors representing 65% of the market worth USD 48.8 billion in in issuances in the first half of 2024 – recording a 56% increase from the same period last year. Sukuk issuances grew 14% totaling USD 26.6 billion in the first half of 2024.
As of 30th June 2024, Saudi Arabia accounted for 49% of outstanding GCC primary issuances. In terms of market performance, the S&P MENA Bond and Sukuk Index posted a total return of -0.25%. Moreover, 5-Year Sovereign CDS spreads experienced mixed performance across GCC countries during H1 2024 with the State of Kuwait recording significant increase in spreads by nearly 39%.
