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Wednesday, 11 June 2014

Sukuk pipeline - Issue plans around the world

AKTIF BANK - A special purpose vehicle of Turkish lender Aktif Yatirim Bankasi said on June 6 it would issue up to 200m lira ($96m) of sukuk. It did not give details.
RAS AL KHAIMAH - The emirate of Ras Al Khaimah, part of the United Arab Emirates, has invited banks to pitch for arranger roles on a potential dollar-denominated sukuk, sources said in early June. A deal isn't expected until at least the third quarter of this year.
BOTM - Bank of Tokyo-Mitsubishi UFJ said on June 5 it was seeking to raise as much as $500m through a multi-currency Islamic bond programme in Malaysia, becoming the first Japanese bank to use sukuk for fund-raising.
EMAAR - The malls unit of Dubai's Emaar Properties would hold meetings with fixed income investors from June 8 ahead of a potential benchmark-sized sukuk issue, Emaar said. Benchmark size is traditionally understood to be worth at least $500m.
UEM SUNRISE - Malaysian property developer UEM Sunrise has mandated CIMB and Maybank to lead a potential issuance off a 2bn ringgit ($620m) sukuk programme; bookbuilding is likely to kick off over the next couple of weeks after the borrower and its leads sound out investors, bankers said in early June.
BANGLADESH - The central bank is seeking to amend rules on its existing sukuk programme to broaden its use and allow for sovereign issuance by the government, a central bank spokesman said in June.
BANK ISLAM - Malaysia's Bank Islam plans to raise 1bn ringgit by selling Islamic bonds to fund organic growth as well as a potential acquisition in Indonesia, two people involved told Reuters in early June. A 300 million ringgit Basel-III compliant Tier 2 sukuk is awaiting approval from the central bank and the Securities Commission for issue in July.
(Arabian Business.Com / 10 June 2014)
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