Citigroup and JPMorgan become primary dealers in Saudi Arabia's debt market

Five new organizations were chosen to become main dealers in Saudi Arabia's government debt instruments. These five are BNP Paribas SA, Citigroup Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co. and Standard Chartered Plc.

The National Debt Management Center issued a statement saying that from now on, in addition to five Saudi banks (Saudi National Bank, Saudi British Bank, AlJazira Bank, Alinma Bank, Al Rajhi Bank), a number of dealers will include others.

Documents, which say that five global banks were officially selected, were signed on Monday. According to them, the National Debt Management Center plays an important role. By attracting more international investors, it provides stable access to the secondary market.

Last year, Saudi Arabia struck a deal with Euroclear Bank to regulate transactions in its own debt market. Thus, now investors from other countries are able to have deals in the bond market on the Saudi Exchange.