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Saudi Arabia made its biggest bond sale since 2017 yesterday,raising USD 12bn, according to a statement from the National Debt Management Center. The issuance was 2.5x oversubscribed and the kingdom received orders totalling USD 30 bn.
Why did Saudi Arabia tap the debt market? With oil prices trading lower relative to the budget needs of the country — whose economy relies heavily on oil — it needed to tap another funding source to back its ambitious projects pushed by Crown Prince Mohammed bin Salman, Bloomberg wrote. Last week, Saudi Arabia estimated its funding needs for 2024 at roughly SAR 86 bn (USD 23 bn), its annual borrowing plan (pdf) showed.
ALSO WORTH MENTIONING-
Eurozone unemployment slips back to record low: Unemployment in the eurozonefell back to 6.4% in November from 6.5% the month before — a drop that could complicate widely expected rate cuts by the European Central Bank as wage growth could elevate prices. (Financial Times)
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THE CLOSING BELL-
The DFM rose 0.7% yesterday on turnover of AED 401.03 mn. The index is up 1.4% YTD.
In the green: BHM Capital Financial Services (+14.5%), International Financial Advisors (+11.2%) and Shuaa Capital (+9.6%).
In the red: National International Holding Company (-6.5%), Al Salam Sudan (-4.8%) and Al Salam Bank (-1.8%).
The ADX rose 0.6% yesterday on turnover of AED 1.35 bn. The index is up 2.0% YTD.
