Middle East Bonds

Kuveyt Turk looks set to become the second Turkish participation bank of the year to bring a dollar sukuk, having applied to the country’s Capital Markets Board to issue up to $500m to foreign investors.

Two Turkish senior unsecured deals announced this week has raised hopes that covered bond issuance will soon follow, especially since two banks have now registered mortgage programmes.

Vakifbank is roadshowing the first ever euro issue from a Turkish bank via Barclays, BNP Paribas, Commerzbank, Erste Group, Natixis and UniCredit.

Dubai should push on with its plan to create a central Shariah board. Although the emirate has made good progress in striving to become the self-styled “centre for the Islamic economy”, the time is ripe for a breakthrough that would create a lasting legacy.

CEEMEA investors eager for inaugural borrowers have a trio of debut corporate bonds to look forward to. In Latin America, meanwhile, buyers have borrowers at both ends of the rating scale to choose from, with Mexico’s América Móvil and the Province of Buenos Aires in the market.

Dubai should push on with its plan to create a central Shariah board. Although the emirate has made good progress in striving to become the self-styled “centre for the Islamic economy”, the time is ripe for a breakthrough that would create a lasting legacy.

Emirates Telecommunications Corporation (Etisalat) has mandated Deutsche Bank, Goldman Sachs International, HSBC and RBS to arrange a dollar and/or euro denominated Reg S bond.

Dubai should push on with its plan to create a central Shariah board. Although the emirate has made good progress in striving to become the self-styled “centre for the Islamic economy”, the time is ripe for a breakthrough that would create a lasting legacy.

Saudi Arabian fashion retailer AlHokair began meeting with local investors on Tuesday as it looks to issue a debut sukuk. AlHokair has asked Samba Capital to arrange the deal.

The Central Bank of Bahrain has sold BD36m ($95.5m) of short term sukuk al salam at a tighter yield of 0.73% and with more orders than last month’s issue.

Russian Sberbank Asset Management and Invest AD, the Abu Dhabi Investment Company, have signed a Memorandum of Strategic Cooperation. The document establishes areas of co-operation between the two companies in Russia, the CIS, and Middle East.

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.