Despite this strong performance, the volume marks a 19.8% decline from the $59.73 billion raised in the same period the previous year. Overall, GCC debt issuances totaled $92.04 billion in the first half of 2025, a 5.5% decrease year-on-year.
The decline in issuance volume is attributed to several factors, including reduced refinancing needs from key sovereigns in the GCC, particularly Saudi Arabia. Additionally, there has been a shift in issuance preferences, with an increased appetite for conventional issuances, which represented 56.1% of total issuances for the year, compared to a higher proportion of sukuk issuances in the first half of 2024.
Issuance sizes varied, with 32 deals each valued at $1 billion or more, accounting for $54.5 billion or 59.2% of the total. Issuances between $500 million and $1 billion raised $27 billion across 44 offerings, while the highest number of deals fell in the sub-$100 million category, with 105 transactions collectively raising $3.2 billion.
US dollar-denominated instruments dominated the primary market, raising $73.1 billion through 146 issuances, representing 79.4% of the total value. The Saudi riyal was the second most used currency, with $7 billion raised across eight deals. Other currencies, including the Hong Kong dollar, accounted for a smaller portion of the market.
Corporate issuances in the GCC rose sharply by 67.7% year-on-year to reach $60.20 billion in the first half of 2025, accounting for 65.4% of total issuances. Government-related entities contributed $11.2 billion across 11 issuances.
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