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Saudi Arabian banks are stocking up on capital to fund the country's huge investment plan
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
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The race to be the first European country to issue a sovereign sukuk has taken a twist, with Luxembourg’s Council of State rejecting a first version of the Grand Duchy’s draft bill. Its government and parliament are expected to propose a number of amendments to the sukuk law over the coming weeks, said a Council of State official – a process that may set back plans for a debut €200m deal.
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Dubai’s recent rollover of $10bn in debt extended to it by the United Arab Emirates’ central bank was widely hailed at the time as a positive by market participants. But the lack of forthcoming detail since on the new terms and tenors of the arrangement has prompted concern for some investors.
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Saudi Electricity Co will test demand for long term sukuk with a minimum 15 year tenor when it comes to market — the first borrower to look beyond five years in the asset class since the sell-off that hit emerging markets in May last year. -
Having peaked at this time last year, issuance of long dated sukuk has since become almost impossible for all but a very select group of borrowers, say market participants.
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Malaysia’s Securities Commission plans to publish guidelines for sukuk focused on socially responsible investment.
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The past week’s acrimonious face-off between Qatar and its Gulf neighbours is likely to be short-lived, say regional bankers and investors. But while the short term sell-off should soon turn into a chance to buy again, it is a useful chance for international investors to re-assess the political and economic risks of the region.
