Most recent/Bond comments/Ad
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The Gulf kingdom is trying to tackle a very wide deficit and sky-high debt to GDP
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
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Egypt's religious authority Al-Azhar has softened its stance on a law for the country’s first sovereign sukuk, saying that it will give its approval providing some changes are made. Egypt is looking to raise between $500m and $1bn before the end of June.
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Investors labelled a $500m sukuk from Sharjah Islamic Bank this week as exceptionally tight, but the deal nonetheless drew $3.2bn of orders on Tuesday. The sukuk priced inside the initial guidance range, ending up with a profit rate of 2.95% after the leads mooted low 3% on Monday.
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The economic committee of Egypt's Shura Council has agreed to accept a $50m mudaraba loan from the Islamic Development Bank (IsDB). This will be used to support the growth and development of small and medium enterprises (SMEs) in Egypt.
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The Islamic Financial Services Board has admitted seven new organisations into membership. The IFSB council agreed that Indonesia Deposit Insurance Corporation, BanqueCentrale Des Etats de L'afrique de L'ouest (Central Bank of West African States) and the Central Bank of Tunisia should come on-board. IFSB also admitted four new observer members. These are SAB (France), Finance Accreditation Agency (Malaysia), RAM Rating Services (Malaysia) and Fajr Capital (UAE).
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The Islamic Development Bank (IsDB) has agreed to $617m for funding development projects in several member countries. The projects include sectors such as education $174m for Indonesia, electricity energy development in Iran, Uganda and Bangladesh (totalling $319.6m), agriculture in Morocco ($80m), sanitation in Maldives ($15m) and health Mozambique ($10m).
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Sharjah Islamic Bank (SIB) drew some $3.2bn of orders for its $500m sukuk on Tuesday, despite pricing the deal inside its earlier official guidance range.