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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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Malaysia's Celcom Axiata has issued MR5bn ($1.6bn) of sukuk, in what it claimed is the largest murabaha deal based on a tawarruq arrangement in the Malaysian market to date. Proceeds will be used to pay down existing debt and boost capital expenditure.
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Manama, Bahrain: ABC Islamic Bank today announced that its net profit for the first half of 2012 was US$4 million compared to US$5.1 million for the same period in 2011 which included a non-recurring one-off revenue item of US$1.3 million. Net profit for the second quarter was US$2.4 million compared to US$1.6 million in the first quarter of 2012 representing a 50 % quarter on quarter increase, compared to US$2.1 million for the second quarter 2011 representing a 14.3 % increase over the same period last year. Total operating income amounted to US$4 million compared to US$ 3.4 million for the first quarter of 2012. Operating expenses were US$1.4 million compared to US$1.3 million.
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Manama, Bahrain –14th August 2012 – The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been fully subscribed by 145%.
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Gulf Finance House has reported net profit of $5.7m for the first half of the year, up from $700,000 in the same period last year. The investment bank earned $4.7m of that in the second quarter – an improvement on the $11.2m loss it registered in Q2 2011, with much of this arising from management fees and debt restructuring.
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Dana Gas is seeking a "consensual solution" on a $1bn convertible sukuk ahead of its looming maturity on October 31. The 7.5% notes, which were issued pre-financial crisis in 2007, have fallen sharply since the start of this year, to around 70 cents, amid a lack of clarity over how Dana intends to meet the repayment.