The Sindh government is looking to issue a dollar denominated sukuk for up to $200 million. The planned issuance was announced by Sindh Minister for Finance, Syed Murad Ali Shah who stated the sukuk would provide much-needed liquidity for development and infrastructure projects in the province. »
During the recent Bonds, Loans and Sukuk conference in Dubai, Harj Rai, of Latham & Watkins shared his views on the drivers behind the globalization of sukuk market and its growth in the Middle East. »
For YTD May 2015 sukuk issuance by value declined 46% y-o-y to USD7.0bn, mainly driven by a sharp decline in sovereign issuances (-40% y-o-y), corporate (-48%y-o y) and quasi sovereign issuances (-55%y-o-y). Corporates comprised 47% of the total issuance value for YTD May 2015, followed by sovereign at 39% and quasi-sovereign issuances at 14%. »
At a recent conference held in Riyadh, delegates focused on the potential to build an international market for Saudi sukuk, as more global groups look for alternative sources of longer term funding. »
The new 10y INDOIS 25 4.325% issued this month was oversubscribed 3.4 times (x) vs. 10y INDOIS 24 4.35% was at 6.82x. Another example is the Hong Kong sukuk that was issued this week (5y GBHK 20 1.84%) had a bid-to-cover (BTC) of 2x compared to its inaugural sukuk was oversubscribed at 4.7x »
US Dollars Issuances by Dubai Islamic Bank, and the Hong Kong government as well as the Saudi Riyal issuance by Saudi British Bank have been added to the Sukuk.com database. »
Kuwait Finance 5.8% profit rate seems high when compared to recent HSBC Amanah MYR sukuk which was priced at 4.24%. »
The reports provides a summary of the main events in the market in 2014 covering Islamic Banking, Islamic Asset Management, Sukuk and Takaful. »
Beyond the headline growth numbers, the industry has experienced transformative changes, which supports the overarching goal of Islamic finance as a more inclusive and equitable financial system. »
Khazanah is looking to sell a tranche of "feel-good" Islamic bonds, as it capitalizes on the demand for Shariah-compliant financial products. »
