In a significant financial development, sovereign long-term borrowing is projected to reach $11.5 TLN in 2024, marking a more than 50% increase from pre-Covid levels. The United States is expected to lead this surge, accounting for 39% of the long-term issuance with an increase of $1 TLN to $4.5 TLN. Concurrently, China is set to overtake Japan as the second-largest issuer with borrowings amounting to the equivalent of $1.7 TLN. In related news, Saudi Arabia's sovereign wealth fund has actively participated in the debt market, raising $2 billion from the sale of Islamic bonds, known as sukuk. This marks the fund's second foray into the debt market in the year, following a $5 billion bond issuance in January. Additionally, the Saudi government has sold $12 billion of bonds in January, bringing the total borrowings for the country to $19 billion so far in 2024.
Saudi borrowings in 2024: - Sovereign wealth fund raised $2 billion from sukuk - Fund issued $5 billion of bonds in Jan - Govt sold $12 billion of bonds in Jan Total = $19 billion so far https://t.co/TjpR66lB04
Saudi Arabia’s wealth fund raises $2 billion from the sale of Islamic bonds, its second foray into the debt market this year https://t.co/koEOVRJejt via @ShajiShaji1
Saudi Wealth Fund Raises $2 Billion From Second Bond This Year https://t.co/vmwyoRBbdn
Saudi Arabia’s wealth fund raises $2 billion from the sale of Islamic bonds, its second foray into the debt market this year https://t.co/StdHVkpYeq
S&P: Sovereigns' long-term borrowing will reach $11.5 TLN in 2024, more than 50% above pre-Covid levels The US will account for 39% of long-term issuance, boosting borrowing by $1 TLN to $4.5 TLN China will overtake Japan as the No. 2 issuer, with the equivalent of $1.7 TLN