Middle East Bonds
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24 June 2012: Islamic Development Bank (“IDB”) announced that Standard & Poor's, Fitch Ratings and Moody’s have all reaffirmed recently their highest issuer rating “AAA” to the IDB’s enlarged US$ 6.5 billion Trust Certificate Issuance “Sukuk” Program and the US$ 800 million issuance in June 2012 thereunder.
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Source: BNE Media Ltd. Clare Nuttall in Almaty June 21, 2012 The Development Bank of Kazakhstan is in the final stages of preparing to issue the countrys first sukuk, or Islamic bond. The quasi-sovereign issue by the state development bank is expected to set a benchmark for Kazakh sukuk, opening the way for corporate Islamic bonds to be placed in future.
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Manama, Bahrain –19th June 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 125%.
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Clifford Chance advised DIFC Investments LLC (DIFCI) in securing a USD 1.035 billion Islamic syndicated facility to contribute towards financing in full the repayment of its USD 1.25 billion Sukuk maturing 13th June 2012. This is a landmark transaction in the history of the DIFC which further evidences the commitment of Dubai to meet its obligations in a timely manner.
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Shares of Malaysia Airlines (MAS) rose over 5% in early trading on Wednesday after the first tranche of its MR2.5bn ($794.9m) sukuk programme was fully subscribed.
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Islamic Development Bank (IDB) this week mandated banks for a dollar Reg S sukuk. BNP Paribas, CIMB, HSBC, NCB Capital Company and Standard Chartered Bank are joint lead managers and joint bookrunners, with Barwa Bank as a joint lead manager. The note is expected to be a five year trade.
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The sukuk sector is poised for a bumper June, with the product’s resilience in the face of global turmoil attracting increasing attention.
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A rush of Islamic syndicated loans this week has already pushed volumes in the GCC region this year to beyond the total seen in the whole of 2011. Saudi Arabian borrowers have been the dominant force.
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Sukuk investors were this week looking forward to imminent maturities from Dubai-related credits that could lead to refinancings from some of the borrowers. That marks a change of perception from the start of the year when investors were worried about some credits, such as Jebel Ali Free Zone (Jafza) and DIFC Investments, being able to redeem on time.
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Saudi Arabian mobile telecommunication company Zain Saudi has mandated four banks for a five year Islamic syndicated loan worth Sr9.75bn ($2.6bn) to refinance an existing facility of the same size that matures in July.