Middle East
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The State Administration of Foreign Exchange (Safe) reports rise in foreign reserves, China Insurance Regulatory Commission (CIRC) chief is under investigation over misconduct, and no formal agreement emerges following Xi Jinping’s meeting with Donald Trump. -
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Saudi Arabia will begin meeting investors for its debut international sukuk on Sunday. The deal is a long time coming, according to those keen to see the development of the Islamic finance market.
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Saudi high yield issuer Dar Al-Arkan nipped in ahead of its sovereign to raise a $500m sukuk, strong scarcity value drove demand and enabled the issuer to increase the size of the trade from the planned $300m.
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Kuwait National Petroleum Co has signed another $1bn loan, after borrowing $4bn in a syndicated facility launched last month, to finance its “clean fuels” project.
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Saudi Arabia will begin meeting investors for its debut international sukuk on Sunday. The deal is a long time coming according to those keen to see the development of the Islamic finance market.
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Turkish bank refinancing activity has ramped up, with Ziraat Bank signing its $1bn syndicated loan on Monday after Yapi Kredi sent out a request for proposals (RFP) at the end of last week.
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ADES International, the Dubai oil and gas drilling services company, is preparing an IPO on the London Stock Exchange to raise capital.
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Saudi real estate company Dar Al-Arkan and Dubai property developer Damac look set to add much needed supply to the sukuk market and are lining up trades in the belly of the curve.
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The International Swaps and Derivatives Association and the International Islamic Financial Market have published a new credit support deed for Islamic hedging transactions, in response to new variation margin requirements.
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Turkey’s six year sovereign sukuk was priced flat to its conventional curve for the first time following the asset class’s inclusion in the JP Morgan indices, even as the country’s president Recep Tayyip Erdoğan’s bid to consolidate power is an increasingly dominant talking point.
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The International Swaps and Derivatives Association (ISDA) and the International Islamic Financial Market (IIFM) have published a new credit support deed for Islamic hedging transactions in response to new variation margin requirements.
