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Sunday, 6 April 2014

Sukuk Pipeline - Issue plans around the world

The Thomson Reuters Global Sukuk Index is at 112.04102 points, up from 112.02826 at the end of last month and 109.78969 at the end of last year. The Thomson Reuters Investment Grade Sukuk Index is at 109.26628 points, down from 109.26817 at end-March but up from 107.28036 at the end of 2013.
MALAYSIA - The Malaysian government will raise 2.6 billion ringgit ($797 million) via Islamic bonds on April 7 to finance new and existing housing loans held by government servants.
TUNISIA - The Tunisian government plans to issue sukuk worth "a few hundred million dollars" this year, central bank governor Chadli Ayari told Reuters in March.
HONG KONG - Hong Kong lawmakers passed a bill in March that would allow the AAA-rated government to raise around US$500 million via sukuk.
BUMI ARMADA - Malaysian oil field services firm Bumi Armada said in March it planned to raise up to 1.5 billion ringgit in Islamic bonds, after it received approval from the securities commission.
MAYBANK - Maybank Islamic, the largest Islamic bank in southeast Asia, will set up a 10 billion ringgit subordinated sukuk programme, ratings agency RAM ratings said in March.
SAUDI INVESTMENT BANK - Saudi Investment Bank has picked the investment bankingarm of Riyad Bank to arrange a subordinated Islamic bond issue, banking sources said; one said the transaction could take place before Ramadan.
GULF FINANCE HOUSE - Bahrain-based Gulf Finance House plans to issue convertible sukuk worth up to $500 million to restructure liabilities, develop projects and fund possible acquisitions, subject to shareholder and regulatory approval, it said in March; no time frame was given.
LUXEMBOURG - A proposed bill in Luxembourg would allow securitisation of three properties for a sovereign sukuk issue worth 200 million euros ($275 million).
IJM CORP - Malaysia's IJM Corp is finalising plans to issue a benchmark sukuk in April; one of the final steps will be the establishment of a 3 billion ringgit sukuk programme, bankers said in March.
BANK MUSCAT - Bank Muscat received shareholder approval in March for Meethaq, its Islamic subsidiary, to set up its first sukuk programme worth 500 million rials ($1.3 billion), allowing domestic and international issues. Shareholders also approved the establishment of a 1 billion Saudi riyal ($267 million) domestic sukuk programme for the bank's Saudi branch.
OMAN - Omani central bank executive president Hamood Sangour al-Zadjali said in March that the government would probably make its first sovereign sukuk issue at the end of this year.
ALHOKAIR - Saudi Arabian retailer Fawaz Abdulaziz Alhokair aims to sell its debut Islamic bond in the next 12 months, a company official said in March.
FIRST GULF BANK - Abu Dhabi's First Gulf Bank, the third-largest bank by assets in the United Arab Emirates, plans to raise up to 3.5 billion ringgit with Islamic bonds in Malaysia, RAM Ratings said in March.
ISLAMIC DEVELOPMENT BANK - The Jeddah-based Islamic Development Bank aims to issue its first short-term sukuk this year, a senior executive said in February.
PUBLIC BANK - The sharia-compliant arm of Public Bank, Malaysia's third largest lender, submitted a proposal to the central bank in February for a 5 billion ringgit Basel III-compliant Islamic bond programme.
SOUTH AFRICA - The South African Treasury said in February that it was confident of issuing its first sukuk in the coming few months.
RHB ISLAMIC - RHB Islamic, the Islamic arm of Malaysia's No. 4 lender, said it had received regulatory approval for a Basel III-compliant sukuk worth 1 billion ringgit.
DANAINFRA- Malaysia's DanaInfra Nasional, created by the finance ministry to raise funds for the country's largest infrastructure project, may issue and list on the stock exchange this year as many as two Islamic bonds worth 100 million ringgit each, an official with the bourse said.
TURKIYE FINANS - Turkiye Finans Katilim Bankasi in February received approval from Turkey's Capital Markets Board to establish a 3 billion ringgit sukuk programme in Malaysia.
KILER REIT - Turkish real estate investment trust Kiler GYO plans to issue a five-year sukuk worth at least $100 million in the second half of this year, parent company Kiler Holding's chief financial Officer Kaan Aytogu said in February.
BRITAIN - The finance ministry said in January it had appointed HSBC and law firm Linklaters as advisors to assist in its planned debut issuance of sukuk; Prime Minister David Cameron said last year that the government was working on a plan to issue around 200 million pounds ($330 million).
SENEGAL - The country's 2014 issuance programme includes its first $200 million sovereign sukuk planned for April, officials said in January.
ACWA - Last December, Saudi Arabia-based water and power project developer ACWA Power said it had raised a 1.77 billion riyal Islamic loan from four local banks to help finance investments including acquisitions and act as a bridge to a sukuk issue in 2014.
ADB - The Asian Development Bank said in December that it was considering an Islamic bond issue as early as in 2014.

SABIC - Saudi Basic Industries Corp (SABIC), the world's biggest petrochemicals group, said in May 2013 it planned to issue sukuk late in 2013 or in 2014 to fund coming projects; it was too early to give the size, a company official said.
(Reuters / 06 April 2014)
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