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Trade was the largest so far from the Dubai property developer
Turkish oil and gas firm offers a pickup to its parent and most other CEEMEA sukuk
Where the company's deal prices relative to its parent will be the topic of investor roadshows
Benin showed Islamic issuance is a viable market for sub-Saharan African sovereigns
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Saudi Hollandi Bank has privately issued a SR1.4bn ($373.3m) subordinated sukuk at 1.15% over the six month Saudi interbank offered rate. The bank said it will use proceeds to improve its tier two capital ratio.
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The Dubai office of international law firm Norton Rose has advised a syndicate of fourteen banks in relation to a senior unsecured US$900 million syndicated facility for First Gulf Bank PJSC (FGB). The facility is the largest loan market transaction undertaken by a financial institution in the UAE this year and is to be used by FGB for its general corporate purposes, including the expansion of its existing operations as well as its growing global footprint.
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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.