{"id":57115,"date":"2024-04-01T13:14:13","date_gmt":"2024-04-01T17:14:13","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/saudi-arabia-banks-embark-on-record-bond-binge-for-mega-projects\/"},"modified":"2024-04-01T13:14:13","modified_gmt":"2024-04-01T17:14:13","slug":"saudi-arabia-banks-embark-on-record-bond-binge-for-mega-projects","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/saudi-arabia-banks-embark-on-record-bond-binge-for-mega-projects\/","title":{"rendered":"Saudi Arabia banks embark on record bond binge for mega-projects"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a08ff30e6345]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a08ff30e6345'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/regional-analysis\/\" rel=\"category tag\">\n                    Regional Analysis\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Saudi Arabia banks embark on record bond binge for mega-projects<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a08ff30ec7bd'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg byline\"\n\t\t>\n\t<p><strong>Bloomberg News<\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">April 1, 2024<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a08ff30ee9c9'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><i><span style=\"font-weight: 400\">This article was written by Christine Burke. It appeared first on the Bloomberg Terminal.<\/span><\/i><\/p>\n<p>Saudi Arabia\u2019s banks could raise a record amount of debt this year as a liquidity squeeze strains Crown Prince\u00a0Mohammed bin Salman\u2019s multi-trillion dollar economic transformation agenda.<\/p>\n<p>Lenders may need to issue at least $11.5 billion in bonds in local and foreign currencies, according to Bloomberg Intelligence, to raise funds for\u00a0Vision 2030, a plan aimed at transforming Saudi Arabia from an oil-reliant economy to one generating income from everything from\u00a0tourism\u00a0to technology. That would be a new high, surpassing the $10 billion raised in 2022.<\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Bloomberg Intelligence: Data-driven research<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Learn more<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_2986331127590242909\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/products\/bloomberg-terminal\/research\/bloomberg-intelligence\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>The sheer size of the required investment, coupled with slower deposit growth at the kingdom\u2019s banks and a lack of foreign investment into Saudi Arabia, means lenders will need to lean heavily on borrowing to come up with funds for mega projects such as urban development Neom and entertainment city\u00a0Qiddiya, according to Riyadh-based\u00a0Jadwa Investment Co.<\/p>\n<p>\u201cThe one issue which I think is the most troubling for the whole Vision 2030 project is the lack of capital,\u201d said\u00a0James Reeve, the former chief economist at Jadwa who has since been hired by Saudi Arabia\u2019s sovereign wealth fund. \u201cThe Saudi banking system is kind of tapped out.\u201d<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"411\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/saudi6.jpg\" class=\"bbg-single-image__image attachment-large\" alt=\"Record debt sales\" title=\"saudi6\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/saudi6.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/saudi6.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/saudi6.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/saudi6.jpg 915w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Saudi Arabia\u2019s lenders have been grappling with tighter liquidity as loan growth has outstripped deposits to support a domestic economy that\u00a0contracted last year. The country will require $640 billion in construction spending over the next five years based on the current pipeline of projects, according to data compiled by Dubai-based analysis firm MEED Projects. That suggests banks may need to come up with almost $384 billion over that period if they fund 60% of the pipeline, using a mix of more deposits and debt.<\/p>\n<p>Saudi Arabian deposit growth remains the key driver of funding, but some 15% of what\u2019s needed may need to come from debt, according to Edmond Christou, senior financials analyst for Bloomberg Intelligence. That would translate into new issuance of at least around $11.5 billion a year.<\/p>\n<p>\u201cBanks don\u2019t have the liquidity to support the size of construction needs but they will be gathering more deposits and tapping into the international debt market,\u201d said Dubai-based Christou.<\/p>\n<p>Debt issuance is already showing signs of acceleration. About $6.8 billion has been sold this year so far, according to Bloomberg Intelligence. That compares with $5.4 billion issued by local lenders for the whole of last year.<\/p>\n<p>Despite the ambitious funding requirement, Saudi Arabia\u2019s bank balance sheets are still viewed as healthy. S&amp;P Global Ratings rates most key lenders at investment grade with a stable outlook and said they won\u2019t be able to carry the full spending burden for Vision 2030.<\/p>\n<p>Projects are also heavily financed by the central government and related entities. The deep-pocketed Public Investment Fund has said it aims to deploy capital of $70 billion a year after 2025, and is weighing up fundraising plans of its own.<\/p>\n<p>There are also signs the 2030 deadline may slip. Saudi Arabia Finance Minister Mohammed Al Jadaan said in December some unspecified projects may be delayed as more time may be needed to build up factory and workforce capacity.<\/p>\n<p>Amwal Capital Partners expects the government, alongside state companies and other entities, to issue their own bonds. That includes another $3 billion from the PIF, said\u00a0Zeina Rizk, partner and co-head of fixed income at the Dubai-based firm.<\/p>\n<p>Successful bank and government offerings may help offset lackluster oil prices, which are creating a hole in state finances. Saudi Arabia\u2019s\u00a0oil export revenues\u00a0sank by almost $80 billion to $248 billion last year, a slump that pulled the budget back into a deficit and offered a reminder of the country\u2019s dependence on high energy prices.<\/p>\n<p>Fitch said last month that Saudi Arabia needs crude to trade above $90 a barrel this year to balance its budget, higher than Brent\u2019s current level of\u00a0around $85. If counting domestic spending by the kingdom\u2019s wealth fund, the kingdom requires oil at\u00a0$108, according to Bloomberg Economics.<\/p>\n<h2>Liquidity improving<\/h2>\n<p>There are signs that liquidity has improved since the start of the year, suggesting banks may have a bit of wiggle room before needing to tap fixed-income markets. A key gauge of borrowing costs in Saudi Arabia, known as Saibor, has retreated since spiking to almost 6.4% in January, though is still\u00a0well above 6%\u00a0amid elevated interest rates in the US.<\/p>\n<p>Central bank deposits\u00a0at Saudi lenders climbed in January and\u00a0the ratio\u00a0of statutory net loans to deposits \u2014 the measure the kingdom\u2019s reserve bank closely monitors \u2014 dropped to 80.1% after averaging above 80.5% in 2023, indicating more coverage of outstanding credit.<\/p>\n<p>\u201cIt\u2019s important to remember that the scale of financing required is substantial,\u201d said Samer Jumean, partner and head of infrastructure at KPMG in Saudi Arabia. \u201cLiquidity isn\u2019t going to dry up but it\u2019s the right thing to do to start tapping the capital markets.\u201d<\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a08ff3104665]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a08ff3104665'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for you<\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div><script>\n    window.feed = window.feed || {};\n    window.feed['6a08ff3106d0c'] = 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