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Tuesday, 30 December 2014

Coming soon… Issue plans for sukuk around the world

A comprehensive list of the major Islamic bond issues in the global pipeline, compiled as part of the Thomson Reuters Global Sukuk Index.
INDONESIA - The government plans to issue 7.14 trillion rupiah ($572 million) of project-based sukuk next year to finance the development of three infrastructure programmes and develop the sukuk market, the Jakarta Post quoted Suminto, director of Islamic bonds at the debt management office, as saying in mid-December.
The finance ministry plans to sell retail sukuk worth around 20 trillion rupiah ($1.63 billion) in April, an official at the debt management office said in early December.
The government plans to issue global sukuk in the first quarter of next year before the U.S. Federal Reserve starts increasing interest rates, Scenaider Siahaan, a director at the debt management office, told Reuters; he did not give details.
AXIS REIT - Malaysia's Axis REIT said in mid-December that it planned to expand its sukuk programme to 3.0 billion ringgit ($863 million) from its existing size of 300 million ringgit, and extend the programme to a perpetual programme from 15 years.
TURKIYE FINANS - Turkish Islamic lender Turkiye Finans Katilim Bankasi applied to issue 143 million lira ($60.5 million) via sukuk, the Capital Markets Board said in mid-December.
TIRSAN TREYLER - Turkiye Finans received regulatory approval for a 71 million lira sukuk issue by trailer manufacturer Tirsan Treyler Sanayi ve Ticaret, the Capital Markets Board said in mid-December.
1MDB - Malaysia's sovereign wealth fund, 1Malaysia Development Bhd , has postponed the sale of up to 8.4 billion ringgit of sukuk to 2015, two people familiar with the matter said in early December.
GULF FINANCE HOUSE - Bahrain's Gulf Finance House is in talks on buying two asset management firms for a total of up to $500 million and is planning to increase debt to finance the deals, chief executive Hisham al-Rayes told Reuters in early December. He said GFH would have a preference for using sukuk over syndicated loans.
UNITAPAH - Malaysia's UniTapah Sdn Bhd plans to issue up sukuk murabaha of up to 600 million ringgit to refinance a term loan funding construction of the new campus for Universiti Teknologi MARA in Perak, RAM Ratings said in early December.
KENYA - Kenya will issue its debut sukuk in the next financial year to June 2016, not this one as some had expected, its finance minister said at the start of December.
CAGAMAS - Malaysia's state-backed mortgage lender Cagamas will raise up to $2.5 billion with a multi-currency Islamic bond programme, credit agency RAM Ratings said at the start of December.
DRB-HICOM - Malaysian conglomerate DRB-Hicom said in late November it had obtained Securities Commission approval for a perpetual sukuk musharaka programme of 2 billion ringgit.
TURKEY - The Turkish Treasury said in late November it would issue sukuk worth 1.5 billion lira by end-February.
NORTHPORT MALAYSIA - Port operator Northport Malaysia plans to issue sukuk before the end of the year in its first drawdown off a recently established 1.5 billion ringgit programme, bankers said.
(Arabian Business.Com / 28 December 2014)
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Alfalah Consulting - Kuala Lumpur: www.alfalahconsulting.com
Consultant-Speaker-Motivator: www.ahmad-sanusi-husain.com
Islamic Investment Malaysia: www.islamic-invest-malaysia.com

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