Middle East Bonds
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Arabtec Holding is planning to make its bond market debut later this year or early in 2014 with a non-convertible bond of up to $450m.
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Turkey will issue nearly TL1.9bn ($975m) of two year ijara sukuk on Wednesday. -
Turkey is on course to issue a second sovereign benchmark sukuk in the coming weeks, according to market participants — meaning it is likely to be one of the first big deals to reopen the Islamic bond market after its summer lull.
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Jordan has signed a loan agreement with the US, which will guarantee the principal and coupon payments on a seven year bond deal of up to $1.25bn from the sovereign.
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Turkey’s Ziraat Bank is hoping to launch a debut Eurobond later this year, and has picked banks for a benchmark size transaction. The issuer is also looking at breaking into the covered bond and sukuk markets further down the road as part of an effort to diversify away from deposit funding.
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The Central Bank of Bahrain has sold BD20m ($53m) of monthly short term sukuk al-ijara, with the auction oversubscribed by 270%.
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Islamic finance will remain part of Egypt’s economic landscape, according to the country’s finance minister Ahmed Galal.
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There is just over one week left to add your votes in this year’s IFIS poll of Islamic market excellence. The deadline for voting is Monday, August 19, with winners announced at the IFIS Islamic Finance Inaugural Dinner 2013 on September 18 in Dubai.
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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.
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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.
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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.
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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.
