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Near $1bn attrition from an order book on Tuesday shows buyers have limits
Another Dubai real estate firm priced fresh sukuk well inside its curve
After a very busy period since June began, the pipeline has thinned out
Another Saudi lender is preparing a senior debut
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The Republic of Indonesia launched a $1.5bn 10 year sukuk on Tuesday afternoon, enjoying a smooth book build that left the deal fully subscribed early on in execution. Pricing was fair from the outset, said investors, who were rewarded with a 20bp premium over where the issuer’s conventional dollar bonds were trading. -
Al Baraka Banking Group has hired Mohammed Abdullah El-Qaq as head of its commercial banking department.
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Bahrain Islamic Bank (BisB) has appointed Mohammed Ahmed Hassan to replace Mohammed Ebrahim Mohammed as the bank’s chief executive.
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Agricultural Bank of China (ABC) Dubai Branch is set to launch its debut renminbi-denominated bond this week, two bankers close to the deal have told GlobalRMB. The deal will mark the first offshore RMB bond from the UAE operation of a Chinese bank and paves the way for Dubai to become the RMB hub for the Middle East region.
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Abu Dhabi Islamic Bank (ADIB) concluded its purchase of Barclays’ UAE retail banking business on Monday. The acquisition’s impact on ADIB’s tier one ratio will be modest and helps increase the bank’s already strong footprint in consumer finance, although its margins in that market are surprisingly low, said one analyst.
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International Bank of Azerbaijan is looking at the possibility of setting up an Islamic banking unit in partnership with a Gulf Co-operation Council bank, an official at IBA told IFIS. And Azeri corporates could be ready to issue sukuk as early as 2015 as the country moves to finalise an Islamic banking law by the end of this year.
