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Strong performance of recent Gulf capital deals bodes well for the upcoming sale
Islamic Development Bank deal sold inside the curve
Books over $1.5bn at launch at a spread of 80bp over Treasuries
Gulf issuance will take a pause due to the Eid holiday next weekend, but June could be busy
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Battersea Power Station closed a £1.35bn syndicated debt facility this week, which contained one of the largest ever sterling denominated Islamic tranches. UK based Islamic bankers felt the deal was strong demonstration of how international Islamic finance had become. Although debt bankers on the transaction argued it said more about Malaysia’s desire to promote Islamic finance. -
Bank Muscat is planning the first sukuk ever from an Omani lender, and will issue more than one deal next year, an official at the bank told IFIS.
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Low cost Malaysia airline AirAsia is setting up a mudaraba sukuk programme and plans to launch a subordinated perpetual deal.
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The Bank of England (BoE) will begin work next year on how to provide Islamic banks with Shariah compliant liquidity facilities. Even without knowing what rates or requirements the prospective facilities will involve, the UK’s Islamic lenders — long starved of Shariah compliant liquid assets — say anything will be better than holding cash.
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UK Export Finance (UKEF) — the UK’s export credit agency — is working on a guarantee structure for a sukuk sale. The deal is likely to appear early next year and could be the sukuk market’s first export credit backed aviation deal, although other aviation lenders are considering their own deals, said bankers.
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Dubai Islamic Bank has increased its sukuk holdings rapidly over the last nine month but is still on the hunt for more paper. On its wish list is supply from Africa and South East Asia, two regions into which it is planning to expand.
