Middle East Bonds
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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.
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Qatar Islamic Bank this week revived plans to establish a $1.5bn sukuk programme, alerting international investors to the rare possibility of adding well-rated Qatari Islamic paper to their portfolios.
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CBB Sukuk Al-Salam Securities Oversubscribed
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Global issuance of sukuk in 2012 was on the cusp of passing 2011’s full year figure ahead of the Muslim holiday of Eid on Monday. According to data from IFIS, a sister publication of EuroWeek, there has been $92.09bn worth of deals so far this year, from 522 sukuk tranches and 90 issuers, compared to $92.67bn for the whole of last year.
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Kuwaiti investment firm National Industries Group this week regained investor confidence as it scrapped plans to obtain a four year extension on its $475m sukuk and opted instead to repay the notes when they matured on Thursday (16 August).