Saudi Deal With Euroclear to Allow Foreigners Access to Debt
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Saudi Arabia reached an agreement with one of the world’s biggest bond clearing systems to settle transactions in its debt market and may appoint four global banks as primary dealers in local government securities.
The deal between the kingdom’s Securities Depository Center Company, known as Edaa, and Brussels-based Euroclear Bank will give foreign investors access to the sukuk and bond market within the Saudi Exchange. Under the terms of an agreement signed in Riyadh, the link is expected to become operational in March 2022, according to a statement.