Malaysian Rating Corp Bhd (MARC) has removed KMCOB Capital Bhd’s sukuk rating from MARCWatch Negative and has affirmed a A+IS(cg) rating on the company. The outlook on the rating is negative.
KMCOB is the funding vehicle of the Scomi Oilfield Ltd (SOL) group, the oilfield services unit of Scomi Group Bhd. The rating agency had earlier placed KMCOB’s sukuk rating on MARCWatch Negative on rising risks associated with Scomi’s delayed internal restructuring of its oilfield services business and SOL’s tight liquidity………………………………………..Full Article: Source

PEFINDO affirmed the ratings of PT Adhi Karya (Persero) Tbk (ADHI)’s registered bonds phase I/2012 and phase II/2013 at “idA” and shelf-registered Sukuk Mudharabah phase I/2012 and phase II/2013 at “idA(sy)”; the outlook for the corporate rating is “stable”.
The ratings reflect strong cash flow protection measures, the company’s strong market position in the domestic construction business and benefits of being a state-owned construction company………………………………………..Full Article: Source

Sharjah Islamic Bank, a lender part-owned by the UAE emirate of Sharjah, is expected to price a benchmark-sized five-year sukuk on Tuesday, a document from lead managers said on Monday.
Initial price guidance for the dollar-denominated issue has been set in the low 3 percent area, the document added. Sharjah Islamic, which converted into an Islamic bank in 2002, chose Abu Dhabi-based Al Hilal Bank, HSBC Holdings, Kuwait’s Liquidity Management House and Standard Chartered Plc to arrange investor meetings ahead of the potential sukuk sale………………………………………..Full Article: Source

After much speculation and expectation about a debut sukuk launch last April 6, the announcement in Doha by the Governing Council of the International Islamic Liquidity Management Corporation (IILM) that it was merely launching a sukuk program has turned out to be somewhat of an anti-climax. The expectation is now that the IILM will eventually issue its debut sukuk in the third quarter of 2013 – a $500 million issuance.
Bankers have long past expressed their disappointment in the seeming inability of the IILM to get its act going since its establishment in October 2010 – that of issuing AAA-rated papers in a cross-border market to generate short-term liquidity management for the global Islamic finance industry………………………………………..Full Article: Source

Al-Azhar’s Senior Scholars Authority held an emergency meeting on Monday to discuss the Shura Council’s bill on sukuk (Islamic bonds), which President Mohamed Morsy sent to them to determine if it is compliant with Sharia.
The board discussed the draft law for four hours, and had reservations regarding Article 20, said a source. The article stipulates that the legal committee that would determine whether the sukuk conform to Sharia would be formed by the finance minister, in contradiction with Article 4 of the Constitution, which says that Al-Azhar would rule in all matters regarding Sharia………………………………………..Full Article: Source

The International Islamic Liquidity Management Corp (IILM), a body backed by central banks from the Middle East and Asia, announced plans to issue its first Islamic bonds after an unexpected pull-out by Saudi Arabia from the body.
The IILM aims to issue up to $500m of sukuk in the second quarter of this year, helping to create a liquid cross-border market for Islamic debt - a major step in developing the rapidly growing Islamic finance industry………………………………………..Full Article: Source

International Islamic Liquidity Management (IILM) 2 SA is a financing vehicle established to issue short-term Shari’ah-compliant money-market instruments backed by long-term sovereign Sukuk. The ‘A-1’ rating reflects, among others, the vehicle’s eligibility criteria that require assets to have an ‘A-1′ rating, and structural considerations, including principal, profit, and liquidity tests governing new issuances. The rating also incorporates liquidity support currently in the form of a $500 million primary-dealer agreement with Standard Chartered Bank.
The vehicle has been established with the sole purpose of purchasing sovereign, sovereign-linked or supranational sukuk assets with long-term ratings that correspond to an ‘A-1′ rating………………………………………..Full Article: Source

The Shura Council approved in late March a law allowing the issuance of sukuk, or Islamic bonds, which the heavily indebted government touts as a financial tool that can support the ailing economy.
Despite creating a stir for what some claim is essentially allowing vital state assets to be rented or mortgaged by foreigners, as well as drawing criticism from Al-Azhar for being non-compliant with Sharia, the law was pushed through by the Shura Council and is now pending ratification by President Mohamed Morsy………………………………………..Full Article: Source

A debate on Wednesday hosted by the American University in Cairo on the Egyptian government’s issuance of Islamic bonds – or sukuk – pitted supporters of controversial draft legislation permitting sukuk against its opponents.
The law was approved by the Shura Council (the upper house of Egypt’s parliament, currently endowed with legislative powers) in what was meant to be a decisive vote on 19 March. The step was taken, however, without the endorsement of Al-Azhar, Egypt’s highest Islamic authority, in an alleged violation of the country’s new constitution. The law, therefore, remains until now in a legal limbo………………………………………..Full Article: Source

After years in which the growth of Saudi Arabia’s bond market lagged its economy, the market is taking off as local companies rush to issue debt — though low returns are keeping foreign investors on the sidelines. Traditionally, Saudi companies and other entities have relied on bank loans and retained earnings to finance their expansion. For debt market traders, that has made Saudi Arabia a case of unfulfilled potential.
In recent months, that pattern has started to change as companies become more familiar with bonds, a wide range of investors demand them, and banks bump up against the limits of how much they can lend to individual companies………………………………………..Full Article: Source

Saudi Arabia’s bond market is taking off as local companies rush to issue debt — though low returns are keeping foreign investors on the sidelines. Traditionally, Saudi companies and other entities have relied on bank loans and retained earnings to finance their expansion. For debt market traders, that has made the Arab world’s biggest economy a case of unfulfilled potential.
In recent months, that pattern has started to change as companies become more familiar with bonds, a wide range of investors demand them, and banks bump up against the limits of how much they can lend to individual companies. This has caused a burst of riyal-denominated debt issuance. In Saudi Arabia, such issuance is entirely in the form of Islamic bonds, or sukuk, which are structured to obey Islam’s ban on interest and instead pay returns on assets………………………………………..Full Article: Source

Pricing came at the tight end of initial price guidance of 170-190 bps, indicating that demand for the transaction was strong. Saudi Binladin Group, one of the largest construction firms in the kingdom, has priced a 1.3 billion riyal ($346.7 million) Islamic bond, two sources said on Wednesday.
The deal is the latest in a string of local currency sukuks in the kingdom, highlighting the growing importance of debt capital markets as a funding stream for Saudi borrowers who have traditionally relied on bank finance………………………………………..Full Article: Source

Lebuhraya Kajang-Seremban Sdn Bhd’s (Lekas) debt-refinancing exercise will likely drag to June this year from the initial completion target of February, said RAM Ratings. RAM said it was informed that Lekas is in the midst of finalising the terms and conditions of its new debt facilities.
“In view of the Kajang-Seremban Highway’s weak traffic flow, it is unlikely that Lekas will accumulate the requisite cash for its debt repayment in June 2014. Therefore, any delay beyond June 2013 will introduce further downward rating pressure on its RM785 million Senior Sukuk Istisna’ and RM633 million Junior Sukuk Istisna’,” said the rating agency……………………………………….Full Article: Source

Tunisia is hoping that the country’s first government sukuk, or Islamic bond, scheduled for later this year could spur companies in the North African country to raise Islamic debt and boost its sharia-compliant finance industry.
The government is working alongside the Islamic Development Bank – the multilateral lender – to pave the way for a 1bn dinar ($700m) sukuk sale that would set a benchmark for companies seeking to tap the Islamic debt markets, Elyes Fakhfakh, finance minister, told the Financial Times………………………………………..Full Article: Source

Jeddah-based investment firm Sedco Capital aims to expand its range of Islamic funds to more than 15 by year-end, a sign of improving financial market sentiment and changing investor attitudes in Saudi Arabia.
The plan adds momentum to the Gulf’s Islamic funds industry, which has been hurt by the global financial crisis but is now attracting regional firms such as Qatar’s QInvest, which aims to launch 30 funds. Sedco Capital, a fully owned subsidiary of Sedco Holding, intends to raise assets under management on its Luxembourg fund platform to US$1.6bn by year-end from US$1bn now, said CEO Hasan Aljabri………………………………………..Full Article: Source

Saudi Binladin Group, one of the largest construction firms in the kingdom, has priced a 1.3 billion riyal ($346.7 million) Islamic bond, two sources said on Wednesday.
The deal is the latest in a string of local currency sukuks in the kingdom, highlighting the growing importance of debt capital markets as a funding stream for Saudi borrowers who have traditionally relied on bank finance. The SBG issue, which has a 2.5-year lifespan, has a spread of 170 basis points over the three-month Saudi interbank offered rate (Saibor), the sources said, speaking on condition of anonymity as the information is not public………………………………………..Full Article: Source

Sadara Chemical Company, a joint venture between Saudi Aramco and Dow Chemical, raised 7.5 billion riyals ($2bn) from the sale of an Islamic bond to fund a large petrochemical complex in the east of the kingdom.
The sukuk, which has a lifespan of 16 years, was priced at 95 basis points over the six-month Saudi interbank offered rate (Saibor), a statement from Sadara said. The sale is part of a $12.5bn debt to fund the construction of the project, which will produce more than three million tonnes of petrochemicals each year when completed in 2016………………………………………..Full Article: Source

RAM Rating Services Bhd has indicated that Lebuhraya Kajang-Seremban Sdn Bhd’s (Lekas) proposed debt-refinancing exercise would likely drag to June this year from the initial completion target of February. In view of the Kajang-Seremban Highway’s weak traffic flow, it was unlikely that Lekas would accumulate the requisite cash for its debt repayment in June next year, it said in a statement.
Therefore, any delay beyond June this year would introduce further downward rating pressure on its RM785mil Senior Sukuk Istisna’ and RM633mil Junior Sukuk Istisna’, which carry respective BB1 and B1 ratings. Both issues are still placed on a negative outlook………………………………………..Full Article: Source

Sharjah Islamic Bank, or SIB, a lender part-owned by the UAE emirate of Sharjah, plans to sell a dollar-denominated Islamic bond, or sukuk, and has picked four banks to arrange meetings with fixed income investors, lead arrangers said on Tuesday.
Sharjah Islamic, which converted into an Islamic bank in 2002, chose Abu Dhabi-based Al Hilal Bank, HSBC Holdings, Kuwait’s Liquidity Management House and Standard Chartered to lead the roadshows, which begin on Thursday and will take place in Asia and Europe. A dollar-denominated, benchmark-sized sukuk may follow the meetings, subject to market conditions. Benchmark size is understood to mean at least 500 million………………………………………..Full Article: Source

Tunisia will seek a U.S. guarantee for its bonds for the second consecutive year and will sell Islamic debt in June as the North African nation mobilizes funds to shield the economy from Europe’s crisis and domestic turmoil. The government may sell $500 million of U.S.-backed notes in the second half, Finance Minister Elyes Fakhfakh said in an interview with Bloomberg.
The yield on $485 million of similarly-guaranteed debt due July 2019 fell 21 basis points this year to 1.48 percent yesterday, compared with 5.34 percent on Tunisia’s euro- denominated notes due June 2020. The average yield on Middle Eastern sovereign debt was little changed last week at 4.37 percent………………………………………..Full Article: Source

Petronas Gas Bhd is planning Malaysia’s biggest sukuk offering this year, at a time when top-rated corporate bond yields are at a nine-month high. The unit Petroliam Nasional Bhd (Petronas) invited pitches from banks to arrange as much as RM5bil of Islamic debt, three people with knowledge of the matter said on March 28, asking not to be named as the details are private.
The yield on Malaysia’s three-year AAA-rated notes climbed three basis points in 2013 to 3.56%, the highest since June 29, a central bank index shows………………………………………..Full Article: Source

Sharjah Islamic Bank (NBS) is planning to sell dollar-denominated sukuk after offerings of the securities in the U.S. currency reached an eight-month high in March. Bond risk in Asia was little changed.
The lender, from the third-largest of the seven emirates in the U.A.E., is planning to meet investors in Asia and Europe from April 4 ahead of a possible sale of Islamic securities, according to a person familiar with the deal, who asked not to be identified because the matter is private………………………………………..Full Article: Source

Sharjah Islamic Bank has picked four banks to arrange meetings with fixed income investors ahead of a potential Islamic bond, or sukuk, issue, a lead manager said on Tuesday.
The lender chose Abu Dhabi-based Al Hilal Bank, HSBC , Kuwait’s Liquidity Management House and Standard Chartered to lead the roadshows, which begin on Thursday and will take place in Asia and Europe………………………………………..Full Article: Source

Kuwait Finance House’s Turkish unit Kuveyt Turk plans to issue a lira sukuk worth 100 million lira ($55.40 million) in September or October, Chief Executive Ufuk Uyan said on Tuesday.
Kuveyt Turk, which issued a $350 million sukuk, or Islamic bond, in 2011, will also raise capital by 960 million lira to 2.06 billion lira, it said in a statement………………………………………..Full Article: Source

Morocco’s government expects to decide in June or July whether to issue a conventional bond or a sukuk (Islamic bond) in the international market to help finance its budget deficit this year, the finance minister said on Tuesday.
“We will have an idea in June or July, something like that. We are working on it now,” Nizar Baraka told reporters at a meeting of Arab finance ministers and central bankers in Dubai………………………………………..Full Article: Source

Sadara Chemical Co, a joint venture between Saudi Aramco and Dow Chemical, raised SR7.5bn ($2bn) from the sale of an Islamic bond to fund a large petrochemical complex in the east of the kingdom. The Islamic bond, or sukuk, which has a lifespan of 16 years, was priced at 95 basis points over the six-month Saudi interbank offered rate (Saibor), a statement from Sadara said on Tuesday.
The sale is part of a $12.5bn debt to fund the construction of the project, which will produce more than 3 million tonnes of petrochemicals each year when completed in 2016………………………………………..Full Article: Source

Sadara Chemical Company (Sadara) announced the successful closing of the sukuk issued through its subsidiary Sadara Basic Services Company (SBSC). The sukuk has received strong investor demand, resulting in 2.6 times oversubscription based on the initial offering size of SR 5.25 billion. In keeping with this demand, Sadara has up-sized the issuance to SR 7.5 billion.
The sukuk have a floating rate and will have a tenor of approximately 16 years. The sukuk investors will receive an expected return of 6 month SAIBOR plus 95 basis points per annum, to be distributed semi-annually………………………………………..Full Article: Source

Commercial Bank Of Qatar (CBQ), which is buying a majority stake in Turkish lender Alternatifbank, has picked two banks for a potential bond sale to boost its core capital, sources said.
The sale of a capital-boosting bond, a rare move in the Gulf, would help assuage analysts’ concerns over CBQ’s capital position which have been exacerbated by its recent agreement to buy the controlling stake in Alternatifbank………………………………………..Full Article: Source

Tunisia expects to sign a $1.7 billion loan deal with the International Monetary Fund next month after a delay due to the crisis that followed the killing of an opposition politician in February, the finance minister was quoted as saying on Monday.
A report on Al-Arabiya television quoted Elyess Fakhfakh as saying the precautionary loan agreement would be reached “by May”.Al-Arabiya also quoted Fakhfakh as saying Tunisia planned to issue its first sovereign sukuk, or Islamic bond, in July to raise $700 million………………………………………..Full Article: Source

Saudi Arabian dairy and food producer Almarai Co has completed the sale of a SAR1.3 billion ($346.7 million) Islamic bond, or sukuk, the company said in a bourse filing on Monday. The issue, which has a floating interest rate and a 7.5-year lifespan, attracted orders worth SAR2.4 billion from institutional investors inside Saudi Arabia, the statement said. The interest rate was not specified.
It is the second local currency sukuk from the Gulf’s largest dairy firm – it sold a SAR1 billion offering in March 2012. Both deals form part of the same SAR2.3 billion sukuk programme………………………………………..Full Article: Source

Dialog Axiata, the Sri Lankan unit of Asian mobile services group Axiata Group Bhd, has won approval to sell up to 1.2 billion Malaysian ringgit ($388 million) of Islamic bonds, Axiata said.
Just four days ago Sri Lanka-listed mobile phone operator Dialog Axiata won the country’s first mobile 4G LTE spectrum with a 3.2 billion Sri Lanka rupees ($25 million) bid. Axiata Group is Asia’s third-largest mobile services group outside Japan and China by subscribers………………………………………..Full Article: Source

Oman’s market watchdog Capital Market Authority (CMA) has granted “in principal” approvals to two companies for issuing Islamic debt instrument or sukuk.
Tilal Development Company (TDC) earlier said that it is planning to float a OMR50 million-sukuk issue, which is seen by this year. Al Madina Financial and Investment Services is the lead arrangers of sukuk issue for TDC, which will use the proceeds of the issue for funding the expansion of its complex at Bausher………………………………………..Full Article: Source

Egypt’s Islamist President Mohamed Morsi Sunday referred a controversial draft law on Islamic bonds – sukuk – to Al-Azhar’s Senior Scholars Authority. The Salafi Nour Party has lobbied to refer the draft law to the Al-Azhar in application of the provisions of the Constitution.
A delegation from the Salafi Nour Party, the second largest party in the Shura Council, visited Grand Imam of Al-Azhar University, Ahmed El-Tayyeb, earlier in March to inform him of the party’s position. Last week, Al-Azhar criticized the draft law, saying it gives the prime minister the power to form the authority that issues the bonds………………………………………..Full Article: Source

Nasdaq Dubai, the Middle East’s international financial exchange, welcomed the listing of a seven hundred and fifty million US Dollar conventional bond issued by Dubai-based Emirates NBD. The listing by one of the region’s leading banking groups further expands Dubai’s role as a major listing venue for fixed income securities. It brings the nominal value of conventional bonds and Sukuk (Islamic bonds) on Dubai exchanges to $19.70bn.
The issue was 3½ times oversubscribed with more than 160 orders received from regional and international investors. 47% of the bond was allocated to MENA based investors, 28% was allocated to investors based in Asia and 25% was allocated to investors based in Europe………………………………………..Full Article: Source

Several airlines have indicated that they are exploring the possibilities of financing new fleet acquisitions and expansion through the issuance of sukuk or other suitable Shariah-compliant financing instruments. This follows the issuance of sukuk in March by Emirates Airlines and Malaysia Airlines (MAS), who sought to raise funds to finance fleet acquisition and expansion.
Turkish Airlines and Malaysia’s budget long-haul carrier, Air Asia, have confirmed that they are considering issuing sukuk to finance the purchase of new aircraft, although it will depend on the timing and market conditions………………………………………..Full Article: Source

Columbia Asia Sdn Bhd has issued RM300 million sukuk to part-finance its future capital expenditures and redeem loans. The unrated Islamic medium-term notes marks the first time Columbia Asia has tapped the sukuk market for its funding requirements.
The sukuk was issued in two tranches with maturities ranging from five to 10 years to the identified placees on a private placement basis. Columbia Asia operates 23 hospitals in Malaysia, India, Vietnam and Indonesia………………………………………..Full Article: Source

Nigeria, South Africa and Senegal are vying to become the first African country to tap yield-chasing Middle East Islamic bond investors after borrowing costs in the Gulf tumbled. Nigeria and South Africa, the continent’s largest economies, already have rules in place to sell the debt in a market where global demand outstrips supply.
The average yield of African sovereigns is about a third higher than that of Islamic debt in the Gulf Cooperation Council after yields of the six-member group declined almost one percentage point over the past year to three per cent, according to indexes by JPMorgan Chase & Co and HSBC/Nasdaq Dubai………………………………………..Full Article: Source

Barwa Bank expects its sukuk trading platform to become full-fledged by the year-end and sees the market as “very competitive and lucrative with a great potential”, chief investment officer Bashar Jallad said. Jallad said Barwa Bank was active in both the primary and secondary sukuk markets and started to act as a custodian for some of the clients.
“The sukuk market is limited but in the last couple of years we have seen quite a decent pipeline of issuances. There is a lot of appetite for Shariah-compliant products here,” Jallad said………………………………………..Full Article: Source

After the initial burst of enthusiasm that greeted the initiative to make Dubai the capital of the global Islamic economy, a gentle note of caution has crept in. Some analysts see the ambition, and especially the goal of overtaking London as the world capital of the sukuk business, as a challenge perhaps too tough even for the emirate’s “can-do” mentality.
Mohieddine Kronfol is in a good position to judge. He is the chief investment officer for global sukuk and fixed income business for Franklin Templeton, one of the world’s biggest asset managers with some US$800 billion (Dh2.93 trillion) of funds under management around the globe………………………………………..Full Article: Source

Gulf bond issuers are tapping new bond structures and investors as the energy-rich region embarks on big infrastructure projects, bolsters ties with Asia, and capitalizes on investor appetite for its highly rated paper. Depending on what investors are being catered to, the bonds often have exotic nicknames like Dim Sum for China or Uridashi for Japan.
With global interest rates low, bond buyers around the world are hunting for higher yields and are buying Gulf bonds. They are attracted by the region’s mostly high-rated sovereign credits and yields that are often higher than other similar-rated issues in other jurisdictions. They are being paid a premium for perceived geopolitical risk in the Gulf………………………………………..Full Article: Source

Dana Gas has announced that it has today (27 March) launched the process of seeking consents from the holders of the $1 billion Sukuk-al-Mudarabah issued by Dana Gas Sukuk to restructure the Sukuk on previously announced terms.
As a normal part of this process, Dana Gas today (27 March) issued an announcement on the UK Regulatory News Service confirming the launch of the consent solicitation process, a period in which the company seeks approval from holders of the Sukuk………………………………………..Full Article: Source

Malaysia is dominating global sales of sukuk in 2013 and Standard & Poor’s forecasts the trend will continue this year even as national elections loom. Issuance in the Southeast Asian currency may account for more than 74 per cent of worldwide offerings, compared with 49 per cent in 2008, Rajiv Vishwanathan, associate director for corporate and infrastructure ratings at S&P in Singapore, said in a interview.
Global sales of syariah-compliant notes, including government securities, may exceed US$100 billion (RM309 billion) in 2013 after rising 64 per cent to US$138 billion last year, according to a report from the company……………………………………….Full Article: Source

Insurance Australia Group became Malaysia’s biggest general insurer when its joint venture business AmG Insurance bought Kurnia Insurans in September 2012. Chief executive Mike Wilkins is keen to tap into the rapid rise in takaful, or Islamic insurance, which adheres to principles of co-operation as prescribed by Islamic law.
Wilkins’s interest in takaful extends beyond viewing Asia as an important growth market for IAG: he assisted with the preparation of Australia as a Financial Centre, a report released in late 2009, which recommended Australia pull down tax barriers in order to encourage Islamic finance. The federal government is yet to respond to a subsequent Board of Taxation review………………………………………..Full Article: Source

Malaysia is dominating global sales of sukuk in 2013 and Standard & Poor’s forecasts the trend will continue this year even as national elections loom. Issuance in the Southeast Asian currency may account for more than 74 per cent of worldwide offerings, compared with 49 per cent in 2008, Rajiv Vishwanathan, associate director for corporate and infrastructure ratings at S&P in Singapore, said.
Global sales of Shariah-compliant notes, including government securities, may exceed US$100 billion in 2013 after rising 64 per cent to US$138 billion last year, according to a March 11 report from the company………………………………………..Full Article: Source

Saudi Electricity Co (SEC), the Gulf’s largest utility, has launched an offer of a $2 billion dual-tranche Islamic bond, or sukuk, with pricing due later on Tuesday, a document from lead managers said.
The offer is split between a $1 billion 10-year tranche and a $1 billion 30-year portion, with price guidance set at 155 basis points and 190 bps over benchmark US Treasuries. Orders worth $13 billion have been pledged by investors for the deal, which should price in the morning New York time, the document added………………………………………..Full Article: Source

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 246%.
The expected return on the issue, which begins on 27 March 2013 and matures on 26 June 2013, is 0.81% compared with 0.90% for the previous issue. The securities are issued by the CBB on behalf of the Government of the Kingdom of Bahrain. (Press Release)

Sukuk will be sued to finance the upcoming Public Private Partnership (PPP) projects according to the financial advisor to the Ministry of Finance, Ahmed Al-Naggar. He made these confirmations during the 2nd Annual PPP Investment Summit held in the capital.
The confirmation has been welcomed by stakeholders in the partnership. Waleed Hegazi, partner at Hegazy & Associates said it’s sukuks allow “high rates of return on investments” but calls for the implementation of the sukuk law which will be “a positive step and a quantum leap in establishing Islamic finance.” ……………………………………….Full Article: Source

Saudi Electricity Co (SEC), the Gulf’s largest utility, is expected to price a two-part Islamic bond, or sukuk, on Tuesday, lead managers said, with investor demand for the transaction already proving strong.
Order books for the planned ten-year and 30-year tranches are each in excess of $2.5 billion, a document from the managers said, ahead of the final day of investor meetings in London on Monday. Roadshows took place in the United States last week………………………………………..Full Article: Source

Turkish Islamic lender Bank Asya has raised $250 million in international markets through a subordinated sukuk issue with a ten-year maturity, the bank’s chief executive Ahmet Beyaz said on Monday.
Strong investor demand and a need to improve capital adequacy ratios (CAR) are causing Turkey’s Islamic banks to consider issuing subordinated sukuk, bankers and analysts told Reuters last month. Beyaz said in a statement this issue would raise its CAR to around 16 percent from 13 percent. The notes priced at par to yield 7.5 percent………………………………………..Full Article: Source

Marafiq, a utility services provider to two industrial cities in Saudi Arabia, may conduct a debut local currency bond issue after picking HSBC’s Saudi Arabian arm to advise it on raising new corporate debt.
“It is likely to be a debt capital markets transaction,” a company spokesman told Reuters by email in response to questions. He said HSBC had been appointed to advise on the fund-raising but that a target amount had not yet been decided. The company, which counts SABIC and Saudi Aramco as shareholders, will use the money for general business activities, three banking sources said………………………………………..Full Article: Source