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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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Islamic finance practitioners are used to false dawns, particularly in the UK. But there is every reason to believe that the UK government will make good on its big play this week to become the market’s western centre — including finally issuing a debut sovereign sukuk.
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Cobalt Underwriting, a first of its kind Shariah-compliant insurance and reinsurance underwriting agency that launched in London this year, has placed its first risk.
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Dubai-based international schools operator GEMS Education unveiled plans for a perpetual sukuk this week as it began roadshows for a benchmark debut of around $500m. The deal would be a first, not only for the company, but for the Middle East, which saw Majid Al Futtaim issue the region’s first ever conventional corporate hybrid perpetual just last week. -
The sukuk market saw its second big landmark of the week on Wednesday as global issuance in 2013 passed $100bn, with Malaysia completing a MR3bn ($953.5m) sale. This came just a day after the UK government wowed the World Islamic Economic Forum – held in a non-Muslim country for the first time – by announcing plans to issue a debut sovereign sukuk next year.
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Malaysian public transport operator Syarikat Prasarana Negara has completed a MR1bn of sukuk to finance a Kuala Lumpur light railway extension.
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EIIB-Rasmala wants to target more than $2bn of capital and investment funds across its range of Islamic asset management and investment banking products, it said on Tuesday.
