Africa Bonds
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Sterling Bank plans to raise $120m with a private placement by the end of Q1 2014, according to a funding officer at the bank. The Nigerian lender will follow the deal up with a multi-currency tier two deal by the end of the year.
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Libya will consider issuing a debut international sukuk as it seeks alternative funding sources to meet its budget and pay for food imports.
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Libya will consider issuing a debut international sukuk as it seeks alternative funding sources to meet its budget and pay for food imports.
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The International Islamic Liquidity Management Corporation (IILM) has expanded its short term dollar sukuk programme with an $860m three month issue. -
Morocco’s government has submitted a draft bill which sets out regulations for Islamic banks and sukuk – paving the way for a potential sovereign issue this year.
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Egypt plans to replace its sukuk law with a chapter in the securities law, according to local media reports.
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Predicting volume for sukuk can be more difficult than for emerging market bonds, given the sukuk market is still in a nascent stage and many issuers are coming to the asset class for the first time. It is widely expected, however, that dollar sukuk issuance will surpass this year’s figure in 2014.
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The International Islamic Liquidity Management Corporation (IILM) has issued its second $490m short term dollar sukuk.
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The Republic of South Africa expects to bring its long-awaited debut sukuk in the first three months of next year according to Adnan Ahmed Yousif, president and chief executive of Al Baraka, one of the bank leads on the deal.
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The Republic of South Africa expects to bring its long-awaited debut sukuk in the first three months of next year according to Adnan Ahmed Yousif, president and chief executive of Al Baraka bank, one of the leads on the prospective deal.
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