Middle East Bonds
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Turkiye Finans looks set to become Turkey’s first participation bank to enter the Malaysian sukuk market as it received an AA3/Stable rating for its proposed MR3bn ($930m) sukuk programme from RAM Ratings.
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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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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. -
Saudi real estate firm Dar Al Arkan built a book of $1bn for its $400m five year sukuk late on Wednesday evening. The deal was printed with a yield of 6.75%, in line with guidance.
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A surge of Kangaroo bonds from the Middle East is only the first wave in the Aussie dollar market’s expansion into new regions and new borrowers, debt bankers told GlobalCapital this week. Abu Dhabi Commercial Bank took MENA Kanga supply to well over A$1.3bn so far this year, and the tight pricing and deep demand on offer is prompting financials and corporates from across emerging markets to put programmes in place. Steven Gilmore reports.
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Saudi real estate firm Dar Al Arkan built a book of $1bn for its $400m five year sukuk late on Wednesday evening. The deal was printed with a yield of 6.75%, in line with guidance.
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Saudi real estate firm Dar Al Arkan built a book of $1bn for its $400m five year sukuk late on Wednesday evening. The deal was printed with a yield of 6.75%, in line with guidance.
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Abu Dhabi Commercial Bank's first Kangaroo deal in seven years, which was priced on Wednesday, was trading well in the secondary market and has pulled its competitors’ Kangaroo deals tighter in its wake. This year’s record run of MENA Kangaroos has left borrowers and bankers in no doubt as to the depth of demand, and syndicators are pitching financials and corporates across the region to follow suit.
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Dar Al Arkan has built an order book of $700m for its sukuk of up to $450m, offering a 13bp-25bp new issue premium according to a lead manager and an investor. Price guidance has been released at 6.75% area for the five year deal.
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Saudi Telecom Co is set to enter the sukuk market, after setting up a Saudi riyal denominated sukuk programme of up to SR5bn ($1.3bn).
