Middle East Bonds

The Dubai government priced $750m inside guidance late on Tuesday as it returned to the dollar sukuk market for the first time since January last year with a drive-by 15 year benchmark — its longest tenor offering in the asset class to date.

The International Islamic Financial Market (IIFM) has organised an industry consultative meeting in Dubai to discuss how the sukuk market can create new standards for structuring and documentation.

As if international sukuk were not already rare enough with only six dollar issuers so far in 2014, this week brought an even more unusual sighting — a deal that didn’t have an outrageously oversubscribed order book. Turkiye Finans can thank Damac Real Estate Development’s aggressive handling of investors for that, and so may the rest of the sukuk market.

The International Islamic Liquidity Management Corporation (IILM) came to market for the fifth time on Thursday, reissuing an $860m three month sukuk as follow on from its first issue of that size in January.

As if international sukuk were not already rare enough with only six dollar issuers so far in 2014, this week brought an even more unusual sighting — a deal that didn’t have an outrageously oversubscribed order book. Turkiye Finans can thank Damac Real Estate Development’s aggressive handling of investors for that, and so may the rest of the sukuk market.

Turkiye Finans has led the return of Turkish participation bank issuers to the sukuk market after nearly a year of absence, achieving a strong result this week that leads on the deal hailed as a door-opener for its peers.

The Dubai Supreme Council of Energy (DSCE) and the World Bank have partnered up to design a funding strategy for Dubai’s green investment programme. This could see the emirate finance projects through green bonds or sukuk.

Turkiye Finans has led the return of Turkish participation bank issuers to the sukuk market after nearly a year of absence, achieving a strong result this week that leads on the deal hailed as a door-opener for its peers.

The Dubai Supreme Council of Energy (DSCE) and the World Bank have partnered up to design a funding strategy for Dubai’s green investment programme. This could see the emirate finance projects through green bonds or sukuk.

At $1.5bn, the order book for Turkiye Finans’s $500m sukuk return on Tuesday was not to be sniffed at. But demand didn't reach the dizzy heights of this year’s other dollar sukuk deals, and that is thanks to the market’s last issuer, Damac Real Estate Development.

Bahrain’s Gulf Finance House will push on with plans to issue $500m of convertible sukuk or other credit facilities, after receiving approval from its shareholders at the bank’s extraordinary general meeting on Monday.

Bahrain’s Gulf Finance House will push on with plans to issue $500m of convertible sukuk or other credit facilities, after receiving approval from its shareholders at the bank’s extraordinary general meeting on Monday.