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iBoxx Tadawul SAR Government Sukuk Indices – Q4 2024

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Jessica Tan

Principal, Fixed Income Indices

S&P Dow Jones Indices

iBoxx Tadawul SAR Government Sukuk Index

Following five months of consecutive gains, the iBoxx Tadawul SAR Government Sukuk Index recorded its largest drop in October (down 2.90%).  The index recovered in November, gaining 1.59% before falling again by 2.54% in December.  Overall, the index retreated 3.86% in Q4, negating the gains made in the first three quarters of the year and bringing it to a 0.31% return for 2024.  Additionally, with the Saudi riyal pegged to the U.S. dollar, the Saudi Central Bank followed moves from the U.S. Federal Reserve and implemented another two 25 bps rate cuts in the last quarter of the year.

iBoxx Tadawul SAR Government Sukuk Indices – Q4 2024: Exhibit 1

iBoxx Tadawul SAR Government Sukuk Indices: Exhibit 2

Unmoved by the two additional rate cuts amid rising yields in the broader market, the 10+ year segment, which is the most sensitive to interest rate changes, had the poorest performance in Q4 (down 6.56%), followed by the 5-10 year segment (down 3.89%) and the 0-5 year segment (down 1.06%). In 2024, the 0-5 year sleeve led (up 2.95%), followed by the 5-10 year segment (up 0.24%) and the 10+ year segment (down 1.22%).

iBoxx Tadawul SAR Government Sukuk Indices: Exhibit 3

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