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Volume dips only slightly despite there being a third fewer transactions
◆ Europe's corporate bond market braces for US tech issuance surge ◆ Canada makes move for EU regs equivalence but to what end? ◆ Middle East private placements here to stay... but will take up less room
Private placements may have hung around much longer than first expected but their dominance may be at an end
Sukuk volumes much slimmer this year
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Senior Egyptian government officials and advisers on Thursday strove to present a united front on the country’s sovereign sukuk plans, following a week of intense debate over Shariah compliance and use of national assets.
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Manama, Bahrain –18 December 2012 – The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been subscribed by 100%.
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Saudi Arabian Mining Company (Ma’aden) has signed an oversubscribed SR9bn ($2.34bn) five year murabaha facility after launching the deal at SR7bn in June.
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Nakheel Properties looks to be on course to make a Dh201m ($54.8m) payment on Saturday to holders of one its sukuk. The Dubai-based company, which was hit hard during the Middle East financial crisis, said on Wednesday that it has made the necessary arrangements to enable its paying agent Deutsche Bank to make the third profit payment on the notes.
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Global sukuk issuance in 2012 has reached $138.5bn, according to the IFIS Sukuk Database, with a run of Asian deals this month taking the market further into record territory. The running total is 49% up on the $93bn issued throughout the whole of 2011.
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Dana Gas completed a $920m sukuk restructuring with creditors this week, having defaulted on the notes in early November. The Sharjah-based company will pay down $70m in cash and issue two new $425m five year sukuk — one ordinary and one convertible — paying 9% and 7%, respectively. The previous deal’s coupon was 7.5%.