(MENAFN- Arab Times) Following are major Islamic bond issues in the global pipeline. The Thomson Reuters Global Sukuk Index is at 118.15458 points, up from 117.85307 at the end of last month and 115.79726 at the end of last year. The Thomson Reuters Investment Grade Sukuk Index is at 116.75730 against 116.56666 at end-June and 113.69014 at end-2014. West Coast Expressway € Malaysia's West Coast Expressway Sdn Bhd plans a guaranteed 1 billion ringgit ($265 million) sukuk murabaha programme to fund a highway project, RAM Ratings said in mid-July.
Bank Muscat € Bank Muscat has delayed plans to launch a 500 million rial ($1.3 billion) sukuk programme after the central bank rejected the proposal, a source at the bank told Reuters in mid-July. "We will restructure the sukuk proposal and file for the approval again," he said. Turkiye Finans € Turkiye Finans Katilim Bankasi has invited banks to pitch for a potential dollar-denominated sukuk to bolster its supplementary capital, sources familiar with the deal told Reuters in mid- July. Tenaga Nasional € Malaysia's Tenaga Nasional has hired three banks to help raise up to 9.5 billion ringgit through a sukuk issue, to develop a greenfield power plant it has taken over from debt-laden state fund 1MDB, bankers said in mid-July.
Arab National Bank € Saudi Arabia's Arab National Bank has received regulatory approval to raise 2 billion riyals ($533 million) through sukuk which will enhance its supplementary capital, it said in mid- July. Renaissance Service € Shareholders of Oman's Renaissance Services approved in early July plans for the company to buy back mandatory convertible bonds and finance that by issuing up to $200 million of perpetual bonds, either conventional or sukuk. Apicorp € Saudi Arabia-based Arab Petroleum Investments Corp could issue its first sukuk later this year as part of its recently-established $3 billion sukuk programme, the company said in early July.
Sarawak Energy € Malaysia's Sarawak Energy plans to issue 1 billion ringgit ($264 million) of sukuk; books were scheduled to open in late June, but were postponed after global financial markets turned volatile. The company will offer tenors of 10 and 15 years and for the first time, 20 years. Abu Dhabi Islamic Bank € Shareholders of Abu Dhabi Islamic Bank approved in late June authorisation for the bank to raise its Tier 1 capital to $3 billion through sukuk issuance. Turkey € The Republic of Turkey is seeking to raise $1.5 billion from issuance of sukuk and yen-denominated bonds this year, a Treasury official said in late June: around $400 million equivalent from the yen-denominated transaction and the rest from sukuk.
Also, the Turkish Treasury said in late May it would issue local currency sukuk in August with volume of 1.5 billion lira ($563 million). IFC € The International Finance Corp, the World Bank's lender to the private sector, has started work on a return to the sukuk market, with plans to issue shariacompliant debt after the Gulf summer, a spokeswoman said. Brunei € Brunei's central bank is preparing to issue long-term sukuk for the first time in the "very near future" while widening the eligible list of buyers of its issuance programme, it said in mid-June. Toyota € The Malaysia unit of Toyota Motor Corp plans to set up a 2.5 billion ringgit programme to raise funds via both conventional and Islamic bonds, a regulatory filing showed in mid-June.
Sapurakencana € SapuraKencana Petroleum, a Malaysian oil and gas services firm, said in mid-June that it planned to raise up to 7 billion ringgit with a multicurrency sukuk programme. Sindh € Pakistan's Sindh province plans to raise as much as $200 million through a debut issue of sukuk to help fund development and infrastructure projects, the province's minister of finance said in mid- June. Othaim Malls € Saudi Arabia's Al Othaim Real Estate and Investment Co, owner of five shopping malls in the kingdom, has revived plans to issue a debut local currency Islamic bond, probably after the summer, sources aware of the matter told Reuters in early June.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.