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Monday, 27 April 2015

SUKUK PIPELINE - Issue plans around the world

The Thomson Reuters Global Sukuk Index is at 118.66237 points, up from 117.52672 at the end of last month and 115.79726 at the end of last year. The Thomson Reuters Investment Grade Sukuk Index is at 117.64818 against 116.23259 at end-March and 113.69014 at end-2014.
KUVEYT TURK - Kuveyt Turk, Kuwait Finance House's Turkish unit, said in late April it would apply to the Capital Markets Board for permission to issue up to 1 billion lira ($370 million) of sukuk.
IVORY COAST - The Islamic Corporation for the Development of the Private Sector, an arm of the Jeddah-based Islamic Development Bank, said in late April it would lead manage a 300 billion CFA franc ($480 million) Islamic bond programme for Ivory Coast.
KHAZANAH NASIONAL - Malaysia's Khazanah Nasional plans the first tranche of a 1 billion ringgit ($276 million) sukuk issue as early as May, the sovereign wealth fund's managing director said in late April.
KUALA LUMPUR KEPONG - Malaysian plantation company Kuala Lumpur Kepong will raise up to 1.6 billion ringgit from Islamic bonds, rating agency RAM Ratings said in mid-April.
MALAYSIA BUILDING SOCIETY - Malaysia Building Society plans its third issue of covered sukuk worth 900 million ringgit, according to a regulatory filing by RAM Ratings in mid-April.
BNI SYARIAH - PT Bank BNI Syariah, the Islamic subsidiary of state lender PT Bank Negara Indonesia, plans to issue sukuk mudaraba with a three-year tenor worth up to 750 billion rupiah ($58.3 million) in an offer on May 18 and 19, the Jakarta Post quoted CEO Dinno Indiano as saying in mid-April.
JORDAN - Jordan chose the Islamic Corporation for the Development of the Private Sector to support its debut sovereign issue of sukuk, the ICD said in mid-April; the dinar-denominated issue is expected this year and would be used to absorb excess liquidity held by Jordan's Islamic banks, which is estimated to total 1.4 billion dinars ($2 billion).
AXIS REIT - Malaysia's Axis REIT said in early April that it had expanded its sukuk programme to 3.0 billion ringgit from 300 million ringgit, and extended the length to perpetual from 15 years.
TALIWORKS - Malaysia's Taliworks Corp announced in early April that the Securities Commission had authorised its proposed issuance of 210 million ringgit worth of sukuk murabaha, Bernama news agency reported.
KAZAKHSTAN - Kazakhstan's Finance Ministry is expected soon to propose a draft law allowing its first sovereign sukuk issue, which will probably take place early next year, Yerlan Baidaulet, an adviser to the Investments and Development Ministry, told Reuters in early April.
SENEGAL - Senegalese President Macky Sall said in early April that he had asked the Islamic Development Bank to help his country conduct a second sovereign sukuk issue. He gave no details.
GARUDA - Indonesian flag carrier Garuda Indonesia plans to issue $500 million worth of sukuk in May to refinance $350 million in loans maturing in June, the Investor Daily reported in late March, quoting Garuda's finance director I Gusti Ngurah Askhara Danadiputra.
(Yahoo News / 27 April 2015)
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