Middle East Bonds
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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.
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Manama, Bahrain – 28 May 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 178%.
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VTB, a Russian bank that has worked hard to expand its funding sources over the last few years, is not yet done with diversification. The bank now plans to showcase the possibilities for Russian issuers in the sukuk market.