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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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National Bank of Abu Dhabi has issued a MR500m ($163m) 15 year sukuk, which it believes to be the first subordinated debt issued in Malaysia by a foreign financial institution.
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Manama, Bahrain – 22 November 2012 – The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities for the BD18 million issue, which carries a maturity of 91 days, has been oversubscribed by 278%.
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International legal practice Norton Rose has advised the Republic of Indonesia for a second time on another large scale international sukuk issuance. The firm advised the Republic of Indonesia on the establishment of a US$3 billion sukuk issuance program and the initial issuance of US$1 billion of sukuk under the program. The issuance, which closed on November 21, 2012, has a maturity of ten years, with periodic distributions of 3.3% per annum. The issuance was governed by English laws and was offered under Rule 144A and Regulation S of the US Securities Act to a broad range of investors based inside and outside the US.
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QInvest chief executive Shahzad Shabaz, who has led the Qatari investment bank since its inception in 2007, resigned from his role on Wednesday. He will remain at the firm for a period to help the transition to his replacement, deputy CEO Tanim Hamad Al-Kawari.
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Bank Rakyat has launched a MR1bn ($326m) debut sukuk to help it prepare for Basel III capital requirements. The bank plans to use its Islamic medium term notes programme to raise MR700m in five year and MR300m in three year paper.
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Malaysian property developer Bolton has raised MR230m ($75m) for land acquisitions via a sukuk programme and MR140m to finance projects through a five year revolving credit facility. Affin Bank acted as lead arranger, while the Islamic medium term notes are guaranteed by insurer Danajamin.