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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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Today Turkey issued its first Sukuk having previously only issued conventional bonds. Jason Kabel, Head of Fixed Income at Bank of London and The Middle East commented: "Further details have been released today regarding the $1.5bn Sukuk (Islamic bond) issued by Turkey. It is encouraging that a country outside of South-East Asia or the GCC is issuing a Sukuk of this size in US dollars. The Sukuk was significantly over-subscribed, with the book size closing at over $8bn despite being sub-investment grade and offering a profit rate of approximately 2.80%. The interest in this Sukuk demonstrates the huge demand for US denominated Sukuk in the international market. We expect to see more governments and institutions take advantage of this demand over the last quarter of 2012."
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Manama, Bahrain –18th September 2012 – The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been oversubscribed by 328%.
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Date posted: 18 September 2012
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Bahrain's Bank Alkhair has appointed veteran investment banker Khalil Nooruddin as managing director and chief executive, the Islamic finance house announced on Tuesday.
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Bahrain's Sukuk Al-Ijara issue on Tuesday was more than three times oversubscribed, according to the country's central bank.
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