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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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The Kingdom of Bahrain was on track to price the first dollar bond from the country this year on Tuesday, having released initial price thoughts for a 30 year bullet bond on Tuesday at low 6%.
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The Emirate of Sharjah is on track for a tightly priced benchmark deal having drawn over $4bn in orders for its first ever sukuk. Aggressive guidance has eliminated any hope of a premium over fellow emirate Ras Al-Khaimah (RAK), which some buyers had expected. But such was Middle East liquidity that investors would still happily lap up the deal, they said. -
Advanced Petrochemical Co (Advanced) will ask shareholders for approval to sell sukuk, as the company considers its first debt sale ever in the capital markets.
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Islamic Development Bank (IsDB) has picked lead managers for its next sukuk deal and will finish investor meetings on September 17 — giving the market all the mandates it needs for September to smash the previous record for monthly sukuk sales.
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Corporate and infrastructure sukuk issuance is set to rise in the years to come after a disappointing dip in 2014, according to Standard & Poor’s analysts. Low cost bank loans and conventional structures have eaten into sukuk sales, but supply should still rise in the years ahead, the rating agency said.
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Goldman Sachs is preparing a debut sukuk deal that could pave the way for other western banks to use Islamic finance to tap into a huge pool of Middle East liquidity. But much will depend on the pricing and whether Islamic investors accept the deal, which comes almost three years after controversy around Shariah compliance brought down the US firm’s first attempt at an inaugural sukuk.
