Middle East Bonds
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February saw a 14% fall in sukuk volume from the same period last year and a 28% decline from January. The month witnessed only 46 sukuk, compared to 78 sukuk in January, with a total value of $7.45bn. -
Bankers worried about a dollar sukuk issuance backlog mounting up towards the end of the year are pushing issuers to accelerate their plans and come to market sooner.
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The dollar sukuk market has seen three issues so far this year, with three great results capped off by the Islamic Development Bank boldly entering new territory with an unprecedented $1.5bn last Thursday. But while each of these deals has stirred Islamic finance professionals to proclaim the growing profile and pools of capital for the asset class, the market is yet to see a true test of demand.
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The dollar sukuk market has seen three issues so far this year, with three great results capped off by the Islamic Development Bank boldly entering new territory with an unprecedented $1.5bn last Thursday. But while each of these deals has stirred Islamic finance professionals to proclaim the growing profile and pools of capital for the asset class, the market is yet to see a true test of demand.
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Oman’s Bank Muscat, plans to expand its Euro Medium Term Note programme from $800m to $2bn as it seeks to issue another Eurobond. It also plans to raise funds through a Or500m ($1.3bn) sukuk programme with the possibility of international sukuk later on said a senior official at the bank.
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Oman’s Bank Muscat, plans to expand its Euro Medium Term Note programme from $800m to $2bn as it seeks to issue another Eurobond. It also plans to raise funds through an Or500m ($1.3bn) sukuk programme with the possibility of international sukuk later on said a senior official, at the bank.
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South Africa and Luxembourg have stepped up their plans to issue sukuk as they look to be among the first non-Muslim majority sovereigns to hit the market this year.
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The Islamic Development Bank has added its weight to the call for western sovereign sukuk issuance, having brought a personal record sized $1.5bn deal at a market record tight print. The deal is a clarion call for the UK and Luxembourg to get on with issuing their own debut sukuk, said bankers, and the IsDB believes they should also go bigger with their plans.
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This week’s CEEMEA deals were trading well in the secondary market on Friday morning. Abu Dhabi Commercial Bank’s $750m bond was almost 10bp tighter after being priced flat. Gazprombank’s 5.5 year transaction was slightly above re-offer, and Russian Railway’s nine year euro transaction was up after being sold against a particularly difficult backdrop.
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The Islamic Development Bank has added its weight to the call for western sovereign sukuk issuance, having brought a personal record sized $1.5bn deal at a market record tight print. The deal is a clarion call for the UK and Luxembourg to get on with issuing their own debut sukuk, said bankers, and the IsDB believes they should also go bigger with their plans.
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