Saudi Arabia’s failure to develop a local-currency bond market in line with an International Monetary Fund recommendation may limit debt sales to the biggest companies in the world’s top oil exporter.
A 15bn-riyal ($4bn) sukuk by the state-controlled General Aviation Authority lead local-currency offerings from at least four borrowers in the biggest Arab economy, data compiled by Bloomberg show. This compares with one sale in the year-earlier period and trails offerings in countries like Norway, an oil exporter with an economy 4% smaller, where 96 borrowers raised about $12.8bn.
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