- Saudi Arabia has emerged as the top bond issuer in emerging markets (EM) this year, driven by its ambitious giga-projects aimed at transforming its economy. New data reveals that the kingdom's total bond issuance, encompassing corporate and sovereign bonds, reached $33.2 billion in 2024. This surpasses China’s $23.3 billion in sales, ending its 12-year streak as the leading EM bond issuer, according to Bloomberg.
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South Korea followed with $20 billion, while the UAE, Turkey, Poland, Brazil, Mexico, Romania, and Israel also ranked among the top issuers. Saudi Arabia’s significant bond issuance has attracted global debt investors, spurred by its Vision 2030 strategy designed to diversify income sources and reduce reliance on oil. There is a strong sentiment towards Saudi bonds, attributing it to the kingdom's substantial funding needs for large infrastructure projects. Saudi Arabia had projected a fiscal deficit of SAR 79 billion ($21 billion) for this year, representing 1.9% of its GDP.
Why it matters
Saudi Arabia's dominance in bond sales underscores global confidence in its Vision 2030 projects, marking a pivotal shift in economic influence within emerging markets.
