Middle East Bonds

Global sukuk issuance in 2013 has lagged 2012’s record levels by some way, with the gap growing wider in recent months. But a strong end to the year, led by large sovereign deals, could help reduce the shortfall.

Global sukuk issuance in 2013 has lagged 2012’s record levels by some way, with the gap growing wider in recent months. But a strong end to the year, led by large sovereign deals, could help reduce the shortfall.

The Islamic Development Bank has agreed a €750m facility for Pakistan – by far its biggest loan to the country to date, according to IFIS data. Meanwhile, Nigeria has asked IsDB for a $450m loan.

Euromoney Conferences will examine Jordan's new sukuk bill when it returns to Amman on September 17 for the third Euromoney Jordan Conference. The event will be held with both the patronage and presence of Jordan’s prime minister Abdullah Ensour.

It has hit more than a few bumps along the way but the International Islamic Liquidity Management Corp’s plans to issue sukuk commercial paper — the first of its kind in the Islamic market — finally look to be coming good. The company said on Thursday that it will issue a $490m debut this month, after more than 2-1/2 years of work on the project.

It has hit more than a few bumps along the way but the International Islamic Liquidity Management Corp’s plans to issue sukuk commercial paper — the first of its kind in the Islamic market — finally look to be coming good. The company said on Thursday that it will issue a $490m debut this month, after more than 2-1/2 years of work on the project.

The International Islamic Liquidity Management Corp will this month issue $490m of sukuk commercial paper — the first of its kind in the Islamic market — after more than 2-1/2 years of work on the project.

Saudi Arabian dairy company Almarai is looking to raise capital and has asked its shareholders to approve plans to issue one or more sukuk.

Dubai government owned Dubai Multi Commodities Centre (DMCC) is thinking of issuing sukuk to fund what it says will be “the world’s tallest commercial tower”.

Bahrain built an impressive $7.75bn orderbook for its new 10 year bond, allowing it to double its originally targeted deal size and ratchet in guidance. Syndicate officials off the bond questioned the high starting spread, but the bookrunners said the result was ample proof that their strategy had been a resounding success.

Bahrain brought a new 10 year dollar bond to market on Wednesday morning, surprising syndicate bankers away from the deal with a new issue premium they said was unheard of for an investment grade credit.

Omani oil and gas offshore fleet contractor Renaissance has completed the second and final phase of its OR200.5m ($521.3m) refinancing programme.