The Kingdom of Saudi Arabia embarked upon a significant economic reform program in 2016 (Vision 2030), seeking to diversify away from oil dependence, and high economic cyclicality, and to increase the size of the non-oil and private sectors.
Financial market reforms and improved foreign investor access to Saudi markets are part of this process, and the development of a full, and liquid, market in local currency sukuk bond issues.
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After a protracted period of calm, volatility returned to markets in 2022—and has proven it’s here to stay in 2023. Investors are now looking to position portfolios for a potentially bumpy road ahead, leading to renewed interest in defensive strategies.
Despite the plummet in issuance during the latter half of 2022, green bonds have defied expectations and made an impressive resurgence in the first quarter of this year, with quarterly issuance reaching all time high of over USD 150 billion[i]. While broader market challenges and uncertainty persist, we look at the growth dynamics for green bonds.
The global equity rally that began last October made further headway in April, with most indexes adding to their robust first-quarter gains. Beneath the surface, however, big shifts in market and sector leadership reveal far more investor angst than these upbeat results may suggest.
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