Middle East Bonds
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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.
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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.
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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.
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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.
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Albaraka Türk's sukuk debut remains on course, despite calls from investors for an illiquidity premium on the proposed deal.
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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.
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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.
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Qatar National Bank this week joined a very small group of Middle East banks to have executed a drive-by bond issue, bringing $1bn of seven year bonds at a 2.875% yield.
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The Central Bank of Bahrain (CBB) has raised BHD18m ($47.7m) through its monthly issuance of sukuk al-salam.
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Investors labelled a $500m sukuk from Sharjah Islamic Bank this week as exceptionally tight, but the deal nonetheless drew $3.2bn of orders on Tuesday. The sukuk priced inside the initial guidance range, ending up with a profit rate of 2.95% after the leads mooted low 3% on Monday.
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Sharjah Islamic Bank (SIB) plans to issue a benchmark dollar Reg S sukuk and is holding roadshows in Europe and Asia.
