Middle East Bonds
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The sukuk market returned to form this week, sweeping US shutdown concerns aside with two popular and tightly priced benchmark dollar deals.
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The Arabian Company for Water and Power Development (Acwa) plans to issue an $800m debut sukuk in the fourth quarter, ahead of an initial public offering next year. -
The sukuk market returned to form this week, sweeping US shutdown concerns aside with two popular and tightly priced benchmark dollar deals.
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Islamic banks in the Gulf Co-operation Council area are likely to grow faster than their conventional counterparts and increase their share of regional banking assets, said Standard & Poor's on Tuesday. But profitability rates for the two banking models are converging as Islamic banks are suffering from lower interest rates and lower revenues from non-core banking operations than their conventional peers, the rating agency added.
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Islamic banks in the Gulf Co-operation Council area are likely to grow faster than their conventional counterparts and increase their share of regional banking assets, said Standard & Poor's on Tuesday. But profitability rates for the two banking models are converging as Islamic banks are suffering from lower interest rates and lower revenues from non-core banking operations than their conventional peers, the rating agency added.
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Abu Dhabi bank Al Hilal drew a $6.3bn book as it priced a $500m five year debut sukuk at 170bp over mid-swaps, inside the 190bp guidance it gave on Monday.
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Yemen is set to issue YR53bn ($246m) of sukuk to finance oil and petroleum product imports.
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Saudi Arabia’s General Authority for Civil Aviation (Gaca) has issued SR15.2bn ($4.05bn) of sukuk, the second tranche of its Islamic debt programme.
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Turkey has given initial price thoughts of 325bp over mid-swaps area for its return to the international sukuk market.
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Abu Dhabi bank Al Hilal has launched a $500m five year debut sukuk at 170bp over mid-swaps – inside the 190bp guidance it gave on Monday.
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Abu Dhabi bank Al Hilal drew a $6.3bn book as it priced a $500m five year debut sukuk at 170bp over mid-swaps, inside the 190bp guidance it gave on Monday.
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Almarai has sold SR1.7bn ($453m) of perpetual tier one sukuk – the first deal of its kind from a Gulf corporate borrower.
