Middle East Bonds
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Qatar Islamic Bank (QIB) this week began roadshows for the first deal from its $1.5bn sukuk programme. Investors are hopeful that the move heralds a return in force for financials issuance in the region, with forthcoming deals also touted for Abu Dhabi Islamic Bank, Gulf International Bank and First Gulf Bank.
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Source: Al Bawaba Bursa Malaysia has introduced rules to facilitate Exchange Traded Bonds and Sukuk (ETBS) to be listed, and traded on Bursa Securities. This marks the first step towards providing wider access for this asset class to Bursa Malaysia’s investors.
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Dubai/Hong Kong: Leading international law firm Clifford Chance has advised Bank of America Merrill Lynch, CIMB and HSBC as joint lead managers on Axiata Group Berhad's RMB1 billion sukuk issuance. The sukuk is the largest RMB-denominated sukuk and the second sukuk to date to be issued in the dim sum bond market. The sukuk is listed on Bursa Malaysia Securities Berhad (under the Exempt Regime) and the Singapore Stock Exchange.
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Manama, Bahrain – 24 September 2012 – The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities for the BD 18 million issue, which carries a maturity of 91 days, has been oversubscribed by 248%.
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Today Turkey issued its first Sukuk having previously only issued conventional bonds. Jason Kabel, Head of Fixed Income at Bank of London and The Middle East commented: "Further details have been released today regarding the $1.5bn Sukuk (Islamic bond) issued by Turkey. It is encouraging that a country outside of South-East Asia or the GCC is issuing a Sukuk of this size in US dollars. The Sukuk was significantly over-subscribed, with the book size closing at over $8bn despite being sub-investment grade and offering a profit rate of approximately 2.80%. The interest in this Sukuk demonstrates the huge demand for US denominated Sukuk in the international market. We expect to see more governments and institutions take advantage of this demand over the last quarter of 2012."
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Manama, Bahrain –18th September 2012 – The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been oversubscribed by 328%.
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Source: Pertubuhan Berita Nasional Malaysia (BERNAMA)
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Such is the quiet of the Middle East sukuk market following the Islamic holiday period that all returning investors can hear beyond the sound of fans whirring is the faint, distant rumble of Malaysian domestic issuance. Yet despite these outward signs of serenity, there is every reason to be excited about the fresh storm of deals gathering just around the corner – as this week’s announcement of a Turkish sovereign sukuk debut demonstrates.