Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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Gulf investors 'will now look at every deal', whether sukuk or not
Demand from the Middle East for the sukuk was steady
Bond pricing for the mining company started about 43bp back of its parent
Sovereign wealth fund takes $2bn, as aimed at
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Emaar Malls raised $1.6bn through an IPO completed over the weekend, which bankers hope could open up what they have called one of the biggest liquidity hubs in the world. -
Shareholders in Dubai mortgage lender Amlak Finance approved on Sunday the firm’s plans to issue convertible Islamic securities as part of debt restructuring talks that began in January 2013. But the company could still do with a supportive partnership with a local Islamic bank, said one analyst.
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Bank of Tokyo-Mitsubishi UFJ’s Malaysian arm sold the first ever yen sukuk on Thursday, selling a ¥2.5bn ($22.9m) tranche as part of a dual tranche deal from its new $500m wakala bil istithmar programme.
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Luxembourg is likely to launch its debut sukuk next week in advance of the Eid holidays. The issuer’s prospective five year transaction could be priced flat to or even through mid-swaps, but unlike the UK’s inaugural sukuk, Luxembourg is likely to have to offer a premium to its conventional curve, leads admitted.
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Risk management edged out a lack of standardised rules for shariah compliance as the biggest challenge facing Islamic banking businesses in a survey conducted by software and IT provider SunGard Financial Systems.
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Singaporean real estate invest trust Sabana Reit sold a S$100m ($78m) sukuk al-wakala bel-istithmar on Wednesday. Investors required no concession for the sukuk structure relative to a conventional deal, and any borrowers willing to step into the sukuk market in Singapore dollars or renminbi would be unlikely to pay a premium, said a banker on the deal.
