Middle East Bonds

Dana Gas finally completed a $1bn sukuk refinancing, after months of protracted negotiations with creditors and shareholders.

Omani firm Tilal Development, owner of the Muscat Grand Mall and part of Al Madina Real Estate, plans to issue Oman’s first ever sukuk by the end of the month.

Saudi Arabian dairy company Almarai is considering issuing a benchmark size debut international sukuk within the next 12 months, the company’s chief finance officer said on Wednesday.

Albaraka Turk’s sukuk this week has been hailed by officials close to the deal as a landmark transaction for the capital markets, as the first murabaha tier two sold to international investors.

Egypt’s Shura Council (upper parliament) has agreed a final sukuk bill which meets demands made by Al Azhar scholars. Accord between the two authorities paves the way for the country to issue its first sovereign sukuk.

Albaraka Turk, the Turkish banking unit of Bahrain-based Albaraka, defied doubters on Monday afternoon when it priced its debut sukuk at 7.75%, at the tight end of previous guidance. The $200m murabaha attracted as much as $400m of orders.

Albaraka Turk, the Turkish banking unit of Bahrain-based Albaraka, has launched its debut sukuk at 7.75%, at the tight end of previous guidance. The $200m murabaha deal is expected to be priced on Monday.

Albaraka Turk, the Turkish banking unit of Bahrain-based Albaraka, defied doubters on Monday as it priced its debut sukuk at 7.75%, at the tight end of previous guidance. The $200m murabaha attracted as much as $400m of orders.

Egypt’s Shura Council has been weighing up changes to the country’s sovereign sukuk bill demanded by Shariah specialists at Al-Azhar, with a final vote due on Tuesday.

Albaraka Türk's sukuk debut remains on course, despite calls from investors for an illiquidity premium on the proposed deal.

Investors took advantage of Turkey's fast developing sukuk market this week by selling outstanding Kuveyt Türk notes and buying into a benchmark size debut from Türkiye Finans. The relative value play immediately paid off, as the new deal rallied one and a half points in the secondary market.

Al Bayan Group, a Saudi-based firm, has issued MR200m ($65.9m) of sukuk into Malaysia - the first tranche of its MR1.0bn ($329m) sukuk wakalah programme.