​The Saudi Ministry of Finance and the National Debt Management Center (NDMC) signed an agreement with HSBC to be appointed as a primary dealer in the government's local debt instruments. The institution will join the six other international institutions, namely, BNP Paribas, Citigroup, Goldman Sachs, J.P. Morgan, Societe Generale, and Standard Chartered Bank as well as the ten local institutions, namely, the Saudi National Bank (SNB), the Saudi Awwal Bank (SAB), Bank AlJazira, Alinma Bank, AlRajhi Bank, Albilad Capital, AlJazira Capital, AlRajhi Capital, Derayah Financial Company, and Saudi Fransi Capital.

This agreement is part of the Financial Sector Development Program (FSDP) strategy as a step towards achieving the objectives of Saudi Vision 2030 by strengthening financial sector institutions and advancing the financial market. It also confirms the role of the NDMC in enhancing access to local debt markets through diversifying investors base to ensure sustainable access to the secondary market and to support its development, these efforts have resulted in recent dual inclusion in both the JP Morgan Emerging Markets Government Debt Index and Bloomberg Emerging Markets Local Currency Government Bond Index, which will contribute to increasing the presence of Saudi debt instruments within global investment portfolios, enhancing liquidity in the secondary market, and raising the international competitiveness of the local debt market.​

It is noteworthy that applications for subscription in the primary market for the government's local debt instruments are submitted to the NDMC through the appointed primary dealers on a scheduled monthly basis where these dealers receive the applications submitted by investors.

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