Middle East Bonds
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Al Hilal will hold meetings next week with investors in the Middle East, Europe and Asia as it looks to issue a debut benchmark sukuk.
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Three Egyptian banks are set to sign an Islamic financing facility for the Eastern Sugar Company worth E£1.5bn ($217m).
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Al Hilal’s prospects of issuing a debut sukuk in 2013 have been boosted by the bank having received A1 and A+ ratings by Moody’s and Fitch.
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Qatar's central bank will issue Qr3bn ($824m) of conventional government bonds and QR1bn of sukuk on September 10. -
Saudi Arabian dairy company Almarai plans to issue Sr1.7bn ($453m) of perpetual sukuk and has chosen four local lenders to arrange the deal.
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Albaraka Türk, the Turkish unit of the Bahraini Islamic bank, is planning to issue $200m of sukuk towards the end of this year or the beginning of next year.
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The International Islamic Liquidity Management has sold its short term dollar sukuk — the first of its kind in the Shariah-compliant capital market. The $490m programme has taken more than 2-1/2 years of work to complete.
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The Central Bank of Bahrain (CBB)’s Bd18m ($47.7m) monthly issue of sukuk al-salam has been oversubscribed by 287%.
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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.
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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.
