Saudi Arabia has emerged as the top issuer of international bonds among emerging markets, displacing China from the first spot for the first time in 12 years, according to Bloomberg data.
The feat was achieved as a result of an 8% growth in the Kingdom’s bond sales this year. To date, Saudi Arabia has obtained $33.2 billion in bond sales to date, the data showed.
The Kingdom is currently on a journey towards diversifying its economy away from oil revenues, as part of its Vision 2030 strategy. The plan has received support from global debt investors, as shown by the nation’s record pace of borrowing. Â
In contrast, the increase in the demand for local-currency bonds has slowed China’s international bond issuance to one of its lowest levels in recent years, forcing Chinese borrowers to take on a significant shift in their financing strategies.
The Kingdom expects its total funding activities for the year to reach around $37 billion to help accelerate the Vision 2030 initiatives.
