Africa Bonds
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Luxembourg’s KBL Private Bankers dropped out as a dealer when International Islamic Liquidity Management Corporation (IILM) returned to the market on Thursday with its rolling $490m short term sukuk.
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Two key growth areas for international capital markets are set come together in the first green and socially responsible sukuk offerings, writes Dan Alderson. The World Bank is endorsing the product through involvement in two new projects due this year.
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This week’s unveiling of socially responsible investment and green sukuk projects at the Islamic Financial Services Board by the World Bank put an inspiring twist in the essence of what Islamic finance is meant to be about — ethical investment, lest anyone had forgotten. But it also illuminated the catchword the IFSB most wants to promote: inclusivity.
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The World Bank has begun a multi-faceted drive in Islamic finance that should see at least one sukuk come to market before the end of the year, according to senior officials at the organisation.
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Nigeria's Diamond Bank sold a $200m five year bond on Wednesday at the upper end of its price range and lower end of its target size. But the bonds still dropped over two cash points in the secondary market after pricing.
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Diamond Bank sold a $200m five year bond on Wednesday at the upper end of its price range and lower end of its target size. But the bonds still dropped over two cash points in the secondary market after pricing.
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Diamond Bank has its sights on a five year dollar debut and is aiming to price the bond on Wednesday afternoon. A debt banker away from the deal thought the bank’s starting yield was far too high. But others argued that the post-roadshow starting point was what investors had asked for and that secondary trading would settle the debate.
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Risk weighting, credit ratings and the Dubai government itself have all been cited as contributing factors after the emirate’s sovereign wealth fund cut the size of its conventional bond offering in favour of a shorter dated sukuk. -
First Quantum Minerals priced its $850m bond at the wide end of 7%-7.25% price guidance on Thursday evening, a rare occurrence in the CEEMEA market. But books were over three times oversubscribed and the deal was increased from $650m to $850m.
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Emerging markets-focused miner First Quantum Minerals had released price guidance of 7%-7.25% for its $650m eight year bond and was looking to price the deal on Thursday evening in London.
