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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Saudi Telecom Co has placed SR2bn ($533.2m) of 10 year sukuk privately, taking deals from the kingdom this year to over $8bn worth – with more lining up. -
A resurgent Asian equity-linked primary market took a slap in the face last week after Khazanah Nasional pulled an exchangeable sukuk worth as much as $750m after it failed to achieve the pricing it wanted despite plenty of demand. While Khazanah is unlikely to be damaged by the incident, it needs recognise that its actions have consequences for the rest of the market.
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Abu Dhabi steel maker Emirates Steel has signed eight year refinancing and acquisition loans totalling $1.3bn, including conventional and Islamic tranches.
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Kuveyt Turk Participation Bank is embarking on a roadshow to market a dollar sukuk.
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Richad Soundardjee became Societe Generale’s chief region officer for the Middle East and chief executive officer of its Dubai office in October, having previously headed global capital markets for the CEEMEA region at the bank. He spoke with IFIS about SocGen’s plans for its Islamic finance business with a particular focus on structured finance – and how those two areas of business will play a part in the region’s development.
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A fat pipeline of sukuk and bonds before the end of the month should add to what is already one of the busiest quarters on record for Middle East dollar deals. With Ramadan and the summer slowdown approaching, this extra surge is a big test of market depth – particularly for sukuk – but it is one that that the market should pass comfortably.
