Thomas Cook flop shows Islamic finance limitations

The UK’s Thomas Cook Group has failed in its attempt to issue what would have been the first Islamic bond for a European company. The deal itself had big problems including an unknown bookrunner managing it and stormy markets to contend with. But the sukuk’s collapse also raises questions over the depth of the Islamic finance market and how open it is to non-local issuers.

  • 13 Jul 2010

The European follow-up to the first sukuk issue by a US company — a $500m Islamic bond successfully sold by GE Capital last November — has turned out to be a resounding flop.

UK travel firm Thomas Cook’s attempt to bring out the first ever sukuk by a ...

Please take a trial or subscribe to access this content.

Contact Mark Goodes to discuss your access: mark.goodes@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

Bookrunners of International Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 23,438.27 103 9.46%
2 JPMorgan 22,204.62 91 8.96%
3 HSBC 21,532.30 124 8.69%
4 Deutsche Bank 14,929.24 54 6.02%
5 Standard Chartered Bank 12,864.13 73 5.19%

Bookrunners of LatAm Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Apr 2017
1 Citi 6,735.93 19 15.27%
2 JPMorgan 5,704.36 22 12.93%
3 Deutsche Bank 4,053.23 6 9.19%
4 HSBC 3,652.60 8 8.28%
5 Bank of America Merrill Lynch 3,075.46 16 6.97%

Bookrunners of CEEMEA International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Apr 2017
1 Citi 9,785.59 28 12.39%
2 JPMorgan 9,618.50 32 12.18%
3 HSBC 7,482.11 34 9.47%
4 Deutsche Bank 5,927.57 13 7.50%
5 Standard Chartered Bank 4,524.88 17 5.73%

EMEA M&A Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 02 May 2016
1 JPMorgan 195.08 50 10.55%
2 Goldman Sachs 162.26 37 8.77%
3 Morgan Stanley 141.22 46 7.64%
4 Bank of America Merrill Lynch 114.20 33 6.18%
5 Citi 95.36 35 5.16%

Bookrunners of Central and Eastern Europe: Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Apr 2017
1 Bank of America Merrill Lynch 839.08 3 11.43%
2 SG Corporate & Investment Banking 478.08 2 6.51%
2 Credit Suisse 478.08 2 6.51%
4 Raiffeisen Bank International AG 452.45 3 6.16%
5 UniCredit 449.98 3 6.13%

Bookrunners of India DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 12 Apr 2017
1 AXIS Bank 3,701.65 57 16.55%
2 Trust Investment Advisors 3,126.63 68 13.98%
3 ICICI Bank 2,236.55 56 10.00%
4 Standard Chartered Bank 1,692.30 14 7.57%
5 HDFC Bank 1,536.61 40 6.87%