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Emerging Markets - Islamic Finance

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  • Sukuk supply on track for record year

    As Ramadan begins, the international sukuk market’s run rate is on track to make 2015 the largest year for issuance ever. Several mandates have recently been added to the pipeline, giving fresh fuel to the sukuk sector’s fire.

    • 18 Jun 2015
  • Supranational mulls sukuk return

    A supranational issuer is considering bringing a sukuk later this year, which would be its first issuance in the format for nearly six years.

    • 17 Jun 2015
  • IFFIm eyes second SRI sukuk

    The International Finance Facility for Immunisation (IFFIm) is planning a second sukuk deal, and should announce the transaction in the next few weeks, said bankers familiar with the borrower’s plans.

    • 17 Jun 2015
  • Investors on the hook in first SRI sukuk from Malaysia

    Malaysia’s Khazanah Nasional has priced the first ringgit-denominated socially responsible investment (SRI) sukuk. The product was a strong test of investor commitment to SRI goals as it uses a structure that pays less if the underlying education project is successful, writes Christina Khouri.

    • 04 Jun 2015

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  • Capital markets look forward to brighter 2016

    Turkey’s capital markets may be in a tough spot, but they have been here before. Much, both for Turkey and for its ardent and admiring league of global investors, depends on securing political stability, then ensuring that the country gets the sort of reform-minded political leaders that it needs. Then and only then will there be a strong pick-up in capital markets activity. Elliot Wilson reports.

    • 19 Jun 2015
  • Supra eyes return to sukuk issuance

    A supranational issuer is considering bringing a sukuk later this year, which would be its first issuance in the format for nearly six years.

    • 18 Jun 2015
  • Sukuk supply on track for record year

    As Ramadan begins, the international sukuk market’s run rate is on track to make 2015 the largest year for issuance ever. Several mandates have recently been added to the pipeline, giving fresh fuel to the sukuk sector’s fire.

    • 18 Jun 2015
  • Supranational mulls sukuk return

    A supranational issuer is considering bringing a sukuk later this year, which would be its first issuance in the format for nearly six years.

    • 17 Jun 2015
  • IFFIm eyes second SRI sukuk

    The International Finance Facility for Immunisation (IFFIm) is planning a second sukuk deal, and should announce the transaction in the next few weeks, said bankers familiar with the borrower’s plans.

    • 17 Jun 2015
  • Disquiet in the dunes as Middle East bond fees take a hit

    Three heads of MENA DCM in Dubai have told GlobalCapital that regional corporate bond fees have been crunched over the last year and two of those expressed concern as to how this is affecting the the quality of execution in the region.

    • 09 Jun 2015
  • Saudi corporates could follow sovereign sukuk return

    A Saudi sovereign sukuk and corporate debt market reform would help prompt Saudi firms to turn to Islamic bond issuance, Fitch analysts said.

    • 09 Jun 2015
  • Khazanah ahead of its time with SRI sukuk

    Khazanah Nasional took a huge step forward for socially responsible investment (SRI) in Malaysia this month with the country’s first sukuk in the sector, adopting a unique structure that could see investors’ pay-out reduced. It is a bold move for social reform, but Khazanah’s SRI sukuk may be a bit too ahead of its time.

    • 09 Jun 2015
  • MENA pipeline builds but signs of fatigue appear

    Bank of Sharjah priced its first international bond deal on Monday, while National Bank of Abu Dhabi and Drake & Scull International added their names to the Middle East pipeline. But there are signs the run of Middle East deals is leading to fatigue in the conventional market.

    • 04 Jun 2015
  • Investors on the hook in first SRI sukuk from Malaysia

    Malaysia’s Khazanah Nasional has priced the first ringgit-denominated socially responsible investment (SRI) sukuk. The product was a strong test of investor commitment to SRI goals as it uses a structure that pays less if the underlying education project is successful, writes Christina Khouri.

    • 04 Jun 2015
  • Khazanah issues first Malaysian SRI sukuk

    Malaysia’s Khazanah Nasional has priced the first ringgit-denominated socially responsible investment (SRI) sukuk. The product was a real test of investor commitment to SRI goals as it uses a structure which pays less if the underlying education project is successful.

    • 04 Jun 2015
  • UAE Islamic appetite on the rise, but risk and return trump ethics

    Almost 80% of United Arab Emirate investors surveyed by asset manager Franklin Templeton are interested in Shariah compliant investments. But almost two-thirds are attracted by factors other than ethics, according to firm's survey.

    • 01 Jun 2015
  • DIB increases deal size while Bank of Sharjah takes its time

    Dubai Islamic Bank (DIB) ended up printing a larger than initially intended senior unsecured sukuk on Wednesday without compromising on spread, said bankers on the deal. Bank of Sharjah, meanwhile, is on track to continue the Middle East’s dominance of CEEMEA with a benchmark debut conventional deal.

    • 28 May 2015
  • Hong Kong cements return with landmark wakala bond

    Hong Kong has taken another step in its bid to become a regional Islamic financing hub, pricing a new $1bn sukuk this week. But rather than repeat the common ijara structure that it adopted in 2014, this time around the government chose an asset-light wakala format to set a new benchmark for its private sector, writes Rev Hui.

    • 28 May 2015
  • ADIB eyes tier one increase

    Abu Dhabi Islamic Bank (ADIB) will ask shareholders to raise the banks’ tier one sukuk programme from $2bn to $3bn to keep track with ADIB’s expansion.

    • 28 May 2015
  • Garuda glides in with debut dollar in sukuk

    Garuda Indonesia made its very first appearance in the offshore bond market with a dollar offering in sukuk. Despite the lack of rating and government guarantee the state-owned entity attracted investors with a huge yield pick-up over the sovereign’s sukuk.

    • 28 May 2015
  • Garuda to take off with inaugural dollar bond in sukuk

    Garuda Indonesia ventured into the international market on a busy May 27 with a dollar offering in sukuk format. The borrower is up against an Islamic bond offering from Hong Kong but opted to go ahead after strong feedback in investor meetings.

    • 27 May 2015
  • Hong Kong returns with asset light wakala sukuk

    One of the most hotly anticipated deals out of Asia this year has finally gone live with Hong Kong opening books to a five year dollar sukuk on May 27. Pricing is unsurprisingly tight for one of the highest rated issuers in the region although marker observers say focus should also be on the deal’s asset light wakala structure.

    • 27 May 2015
  • Indonesia fetches record $2bn dollar sukuk

    The Republic of Indonesia completed its yearly return to the dollar sukuk market in style on May 21 when it rewrote the record books to print its largest offering in the Islamic finance instrument.

    • 22 May 2015
  • Indonesia makes yearly sukuk return with 10yr

    The Republic of Indonesia is continuing its trend of issuing a dollar sukuk once a year with a new 10 year offering on May 21.

    • 21 May 2015
  • Dubai Islamic Bank mandates six for sukuk

    Dubai Islamic Bank has mandated six banks for a dollar Reg S benchmark sukuk.

    • 18 May 2015
  • Garuda Indonesia picks sukuk for dollar debut

    Indonesian airline Garuda Indonesia has mandated 15 banks to arrange its first dollar outing, which will be in sukuk format. Roadshows will take in the Middle East, Asia and Europe.

    • 18 May 2015
  • Hong Kong to hit the road for second sukuk

    Following its well-received sukuk debut last year, the Government of the Hong Kong Special Administrative Region of the People’s Republic of China is back in the Islamic finance market with a series of investor meetings starting on May 18.

    • 14 May 2015
  • Republic of Indonesia on the road with sukuk

    The Republic of Indonesia has announced the dates of investor meetings for a dollar sukuk, having mandated four banks to work on the bond.

    • 06 May 2015
  • After sukuk debut, Noor Bank plans to increase wholesale funding

    Having taken its first taste of international sukuk this week, Dubai's Noor Bank plans to fund 10%-15% of its balance sheet through Islamic loans and bonds.

    • 24 Apr 2015

More Emerging Markets - Islamic Finance

Bookrunners of International Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 29 Jun 2015
1 HSBC 24,568.18 148 10.46%
2 Citi 22,974.87 116 9.79%
3 JPMorgan 17,501.47 78 7.45%
4 Deutsche Bank 16,118.47 87 6.87%
5 Morgan Stanley 14,151.38 61 6.03%

Bookrunners of LatAm Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 Jun 2015
1 Morgan Stanley 6,468.86 16 12.45%
2 Citi 6,194.46 24 11.92%
3 Bank of America Merrill Lynch 5,977.72 22 11.50%
4 HSBC 5,616.35 16 10.81%
5 Deutsche Bank 5,394.16 16 10.38%

Bookrunners of CEEMEA International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 Jun 2015
1 Citi 5,527.25 30 11.45%
2 HSBC 4,238.36 24 8.78%
3 JPMorgan 3,826.40 15 7.93%
4 SG Corporate & Investment Banking 3,308.83 14 6.86%
5 BNP Paribas 2,850.41 14 5.91%

EMEA M&A Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 274.16 82 10.39%
2 JPMorgan 237.22 73 8.99%
3 Lazard 172.69 77 6.55%
4 Citi 169.41 53 6.42%
5 Deutsche Bank 150.91 51 5.72%

Bookrunners of Central and Eastern Europe: Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 Jun 2015
1 Mitsubishi UFJ Financial Group 791.69 3 10.45%
2 Bank of America Merrill Lynch 756.72 4 9.98%
3 ING 622.38 6 8.21%
4 SG Corporate & Investment Banking 608.35 6 8.03%
5 UniCredit 591.37 7 7.80%

Bookrunners of India DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Jun 2015
1 AXIS Bank 2,901.62 76 14.37%
2 Standard Chartered Bank 2,000.11 29 9.91%
3 Trust Investment Advisors 1,997.19 68 9.89%
4 ICICI Bank 1,622.73 41 8.04%
5 Barclays 1,561.88 23 7.74%