Middle East Bonds
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Emirates Islamic Bank (EIB) plans to issue more than $500m of sukuk this year and complete a merger with Dubai Bank, a fellow Islamic banking unit of Emirates NBD, before the end of 2012.
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Dubai’s Pacific Control Systems (PCS) has signed a Dh265m ($72.2m) loan with a syndicate of banks to build a data recovery centre in Dubai. This is the IT firm’s first ever syndicated facility.
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Saudi construction company Al-Khodari Sons has agreed SR200m ($53.33m) of Islamic credit facilities with Saudi British Bank. Al-Khodari will use the money to provide bonding commitments and fund working capital needs.
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The buzz around Dubai’s reviving fortunes grew louder this week as Jebel Ali Free Zone (Jafza) asked holders of its Dh7.5bn ($2.04bn) November-maturing sukuk if it could redeem the notes early.
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Banque Saudi Fransi will begin global roadshows on May 7 as it looks to issue the first tranche of its $2bn debut dollar denominated sukuk programme. The bond is likely to be of benchmark size and have a five year tenor, according to an official close to the deal.
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Dubai’s barnstorming return to the sukuk market this week not only underscored the strength of the emirate’s economic recovery following its financial crisis but has also prompted a wider reassessment of the market demand for longer dated Shariah compliant paper.
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Manama, Bahrain - 23 April 2012 - The Central Bank of Bahrain (CBB)announces that the monthly issue of the Sukuk Al-Salam Islamic securities for the BD18 million issue, which carries a maturity of 91 days, has been subscribed by 232%.
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In a trail-blazing move that paves the way for other Saudi banks to enter international debt markets, Banque Saudi Fransi launched a $2bn sukuk programme this week.
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Manama, Bahrain -17th April 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 195%.
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Manama,Bahrain -17th April 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 195%.
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A swathe of recent hires in the Dubai equities business of Russian bank VTB Capital is the start of a push by the firm to take on the large global investment banks in the region, according to Makram Abboud, VTB's CEO for the Middle East and Africa region.