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Monday, 7 April 2014

Global sukuk issuances hit USD 11.2 bln in March - report

GlobaKUWAIT, April 6 (KUNA) -- The month of March has produced the most volume of sukuk issuances for the global sukuk market in 2014 with total sukuk issuances amounting to USD 11.2 billion, up 23 percent over the figure posted in February, according to a recent economic report.

There was a substantial decline in corporate sukuk issuances in March with only USD 1.45 billion worth of issuances (Feb: USD 2.54 billion; Jan: USD 1.72 billion). The decline in corporate sukuk issuances was contributed mainly by a noticeable absence of issuers from the Gulf Cooperation Council (GCC), showed the report by the Kuwait Finance House (KFH).

The GCC issuers remained mostly absent from the sukuk market in March, except for short-term liquidity management sukuk issuances by the Central Bank of Bahrain, it added.

The sukuk volume in March saw heavy involvement of the sovereign and government related entities issuers in the primary market as collectively these two types of sukuks represented over 87 percent of total sukuks issued.
March 2014''''s volume fell 10.3 percent short of the USD 12.48 billion issuances in the same month last year. Among the notable issuers in the month of March include obligors from Singapore and Luxembourg, the report said.

The Sabana Real Estate and Investment Trust (Sabana REIT) of Singapore successfully issued 2014''''s first SGD-denominated sukuk with an SGD 85 million 4-year corporate sukuk priced on 12th March, the KFH report indicated.

(Kuwait News Aency / 06 April 2014)
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