Tadawul opens bond trade for first time

Sukuk and other bonds were traded for the first time on the Saudi bourse yesterday with the listing of four existing issues worth 21 billion riyals (Dh20.56bn), according to agencies.

The bonds market in the kingdom is expected to help diversify financing sources for rated firms in tight credit conditions.

Three of the issues were by Saudi Basic Industries Corporation (SABIC), and are worth 16bn riyals. The other was issued by Saudi Electricity and is worth 5bn riyals, according to a newspaper report.