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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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Sharjah Islamic Bank has reported a Dh272m ($74m) net profit for 2012 - up 8% on the Dh251.1m it achieved in 2011. The bank's board has suggested a cash dividend of 6% of the nominal value of shares, amounting to Dh145.5m.
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Dubai Islamic Bank opened books today on its benchmark size perpetual tier one sukuk, having completed roadshows. Initial guidance for the deal, which is expected to price this week, is in the 7% area.
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Dubai Islamic Bank has drawn an order book of over $10bn for its benchmark size perpetual tier one sukuk, having completed roadshows on Tuesday. The company tightened official guidance for the deal, which is expected to price on Wednesday during the London session, from an initial 7% area to around 6.5%. Final pricing could come an eighth of a point either side of that, with the deal including a private banking rebate of 50 cents.
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Dubai based Nakheel issued a Dh120m ($32.6m) fourth tranche of its trade creditor sukuk on Tuesday. The deal is part of the property developer's $16bn restructuring plan. The new sukuk issuance takes Nakheel's total amount issued from the programme to Dh4.27bn ($1.16bn), the company said. The developer, wholly owned by the Dubai government, has said it has paid around Dh10bn ($2.72bn) to various trade creditors and contractors since November 2009. In January, Nakheel issued sukuk worth Dh121m ($32.9m). The first tranche was issued in August 2011.
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The UK government has launched an “Islamic Finance Task Force” as it looks to boost London’s status as a western hub for Islamic finance. The task force is charged with supporting the development of the sector in the UK, increasing inward investment and strengthening the economy.
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Emirates, the UAE based airline, has launched a $1bn 10 year amortising sukuk at 300bp over mid-swaps. Books have closed and the Reg S only dollar denominated deal is set to be priced today.