Société Générale hired as primary dealer for local gov't debt instruments

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The Ministry of Finance and the National Debt Management Center (NDMC) signed an agreement with Société Générale to appoint the latter as a primary dealer for local government debt instruments.

In a statement, NDMC said Société Générale joined five international financial institutions previously enrolled in the primary dealer program. They include BNP Paribas, Citigroup, Goldman Sachs, JPMorgan, and Standard Chartered. This is in addition to the 10 local financial institutions: Saudi National Bank (SNB), Saudi Awwal Bank (SAB), Bank AlJazira, Alinma Bank, Al Rajhi Bank, Albilad Capital, AlJazira Capital, Al Rajhi Capital, Derayah Financial, and Saudi Fransi Capital.

NDMC noted that this agreement is part of ongoing efforts to achieve the goals of Saudi Vision 2030 under the Financial Sector Development Program through enabling financial institutions and developing an advanced capital market.

It also highlighted the role of the NDMC in enhancing access to local debt markets through diversifying the investor base to ensure sustainable access and support the development of the secondary market.

Subscription requests in the primary market for local government debt instruments are submitted to NDMC through contracted primary dealers on a monthly basis, with these dealers receiving and processing investor applications.