Middle East Bonds
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The International Islamic Liquidity Management Corporation (IILM) has expanded its short term dollar sukuk programme with an $860m three month issue. -
The Middle East bond market is hoping for a grand re-opening in the next week or so with several candidates lining up the first issuance of 2014 amid strong market conditions.
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Morocco’s government has submitted a draft bill which sets out regulations for Islamic banks and sukuk – paving the way for a potential sovereign issue this year.
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Dubai Group, which missed two payments on loans during the financial crisis, is closing in on a $10bn restructuring agreement with creditors after more than three years of negotiations.
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Dubai Group, which missed two payments on loans during the financial crisis, is closing in on a $10bn restructuring agreement with creditors after more than three years of negotiations.
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The Middle East bond market is hoping for a grand re-opening in the next week or so with several candidates lining up the first issuance of 2014 amid strong market conditions.
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Conditions for issuing bonds and sukuk in Dubai look great, but mid-way through January there is still barely a glimmer of a deal. Those borrowers that need to come to market this year would do well not to miss their chance.
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Sovereign supply has dominated the CEEMEA market this week, with Latvia and Romania delivering landmark deals in euros and dollars respectively.
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Saudi industrial firm Mohammed Abdulaziz Al-Rajhi & Sons Co is set to sign a Sr580m ($155m) Shariah-compliant financing facility with Bank Al Jazira.
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The Central Bank of Bahrain has sold BD20m of short term sukuk al ijara – the same size as its previous issue but paying a higher rate.
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Egypt plans to replace its sukuk law with a chapter in the securities law, according to local media reports.
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Conditions for issuing bonds and sukuk in Dubai look great, but mid-way through January there is still barely a glimmer of a deal. Those borrowers that need to come to market this year would do well not to miss their chance.
