Saudi Arabia’s March Sukuk Issuance Raises USD 4.11 Billion

Saudi Arabia raised USD 4.11 billion through its March 2026 sukuk issuance under the government Saudi riyal‑denominated programme, allocating SAR 15.436 billion across six tranches with maturities spanning 2029 to 2041.

The National Debt Management Center set tranche sizes at SAR 1.154 billion maturing in 2029, SAR 11 million maturing in 2031, SAR 365 million maturing in 2033, SAR 3.452 billion maturing in 2036, SAR 5.4 billion maturing in 2039, and SAR 5.054 billion maturing in 2041.

The March allocation followed a February sukuk issuance of SAR 7.868 billion across five tranches. In January, the Kingdom completed investor request intake for its first international bond issuance of 2026 under the Global Medium‑Term Note Issuance Programme, drawing an order book of around USD 31 billion, or 2.7 times subscribed. The sovereign then issued USD 11.5 billion across four tranches: USD 2.5 billion for a three‑year bond maturing in 2029, USD 2.75 billion for a five‑year maturing in 2031, USD 2.75 billion for a 10‑year maturing in 2036, and USD 3.5 billion for a 30‑year maturing in 2056.

Fitch Ratings said Saudi Arabia’s debt capital market is expected to reach USD 600 billion by the end of 2026, supported by cross‑sector financing needs and fiscal deficits. In 2025, Saudi Arabia accounted for over 31% of global dollar sukuk issuance, held an 18% share of overall dollar‑denominated issuance in emerging markets excluding China, and represented more than 26% of ESG dollar‑denominated issuance. Outstanding Saudi debt surpassed USD 520 billion, up nearly 21%, with sukuk comprising 62%; dollar issuance rose by 49% to around USD 100 billion, with sukuk growth outpacing bonds.

The annual borrowing plan approved by the National Debt Management Center targets up to 50% of sovereign funding from private markets, 25–30% from international debt capital markets, and 20–30% from domestic debt capital markets.