Middle East Bonds
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Dar Al Arkan plans to raise up to $450m in a five year dollar denominated sukuk, with initial price thoughts at "high 6%", as the Saudi Arabian real estate firm looks set to make its return to the international Islamic bond market.
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Dar Al Arkan plans to raise up to $450m in a five year dollar denominated sukuk, with initial price thoughts at "high 6%", as the Saudi Arabian real estate firm looks set to make its return to the international Islamic bond market. -
Saudi Arabian property developer Dar Al Arkan has picked banks as it plans to return to the sukuk market by issuing its first dollar deal since November.
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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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The Investment Corporation of Dubai’s $1bn dual tranche issue this week has been hailed by bankers both as a triumph of sukuk over conventional bonds and a clarion call for prospective Middle East borrowers to be more flexible in their execution.
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The Investment Corporation of Dubai’s $1bn dual tranche issue this week has been hailed by bankers both as a triumph of sukuk over conventional bonds and a clarion call for prospective Middle East borrowers to be more flexible in their execution.
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Bahrain-based alternative asset manager Investcorp made its Swiss franc debut on Thursday afternoon, increasing the size of a five year deal in response to strong demand from retail investors drawn in by a juicy coupon.
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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.
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Investcorp, the Bahrain-based alternative asset manager, is set to sell its debut Swiss franc deal on Thursday afternoon, the first venture to the Swiss franc market from a Bahraini issuer.
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The Investment Corporation of Dubai has the emirate’s sovereign curve in clear sight as it looks to issue a debut $500m six-year sukuk as well as a $500m 10-year conventional bond on Wednesday afternoon.
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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.
