Middle East Bonds
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Prospects of an Arab Spring country issuing international sukuk this year are dwindling, with Tunisia having postponed its plans for a debut deal.
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Qatari infrastructure firm United Development Company (UDC) has agreed a Qr854m ($235m) Shariah-compliant facility with local Islamic bank Masraf Al Rayan.
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Dubai property developer Majid Al Futtaim Holdings has returned with a dollar perpetual deal, after postponing the deal in May.
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The Central Bank of Bahrain has issued BD36m ($95.7m) of three month sukuk al-salam, with the sale oversubscribed by 144%.
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With just two and a half months of 2013 left for borrowers to issue deals after this week’s religious holidays, the global sukuk market is over $50bn short of last year’s record volume, according to IFIS data. This year’s figure has, however, already passed the full year 2011 total. -
With dollar sukuk deals having returned in the past two weeks, the market’s leading international arrangers have built on the league table positions they held before the long summer lull.
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The Central Bank of Bahrain has sold BD20m of sukuk al ijara, with the auction oversubscribed by 276%.
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Tightly priced $500m deals from Ras al Khaimah and Al Khalij Commercial Bank this week amplified the Middle East’s return to the capital markets and encouraged hopes of more issuance before the end of the year.
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Standard & Poor’s Dow Jones Indices has launched a Middle East North Africa bond and sukuk index. The index will comprise two sub-indices – the S&P MENA Bond Index and the S&P MENA Sukuk Index.
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The government of Ras Al Khaimah (RAK) drew strong global demand on Tuesday as it issued a $500m sukuk, its first ever benchmark sized deal.
