#Sukuk
The sukuk was issued under the sukuk programme by RAK Capital, a special purpose vehicle affiliated with the government of Ras Al Khaimah
Strong investor demand allowed The Arab Energy Fund to increase the issuance from an initial $500m to $650m, with final book orders exceeding $935m
The growth in the country’s debt capital markets demonstrates its expanding financial landscape and its strategic role in the global Islamic finance market
The 5-year bond has price guidance of Treasuries plus around 120 basis points (bps) and the 10-year bond has Treasuries plus about 135 bps
The Islamic T-Sukuk issuance programme aims to build a UAE-dirham denominated yield curve and boost the local debt capital market
Blockchain offers significant benefits for Islamic finance, including enhanced transparency and the development of innovative financial products
The new listings bring the Southeast Asia nation’s total value of issuances listed on the exchange to $24.1bn
The kingdom is turning to the debt market to find alternative funding sources to cover an anticipated fiscal shortfall of about $21bn this year
The financial regulator registered a 50 per cent year-on-year increase in licence applications across all business models
The company has appointed banks including HSBC and the securities units of Al Rajhi Bank and Saudi National Bank to advise on the debt sale
The issuance marks the first real estate benchmark US dollar-denominated sukuk from the MENA region in 2024
The state-owned energy firm last tapped global debt markets in 2021, when it raised $6bn from the sale of a three-tranche sukuk
The company, which is listed on Riyadh’s Tadawul exchange and manages Saudi German Hospitals, will use the proceeds for general corporate purposes
The order book for First Abu Dhabi Bank’s sukuk, which was 1.9 times oversubscribed, represented leading investors, including international fund managers, banks and supranationals
The growth in outstanding sukuk is attributed to several factors that are driving the issuance of Islamic bonds including issuers that seek to plug budget deficits
The country has been encouraging issuers to raise green and sustainability-linked bonds, and sukuk to accelerate its transition to a low-carbon economy
The waiver applies to all new and repeat issuers who make a relevant application to the Dubai Financial Services Authority
The issuance was offered in five and seven-year dual tenors, marking the final two tranches under its SAR20bn government-guaranteed sukuk programme
The government has been looking to tap less conventional sources of finance since a foreign borrowing spree caused its repayment schedule to balloon
The proceeds from the sukuk issuance will be used to fund eligible green projects in line with the company’s recently published sustainable finance framework
The trading of the certificates on the Irish Stock Exchange was cancelled upon redemption of the certificates
HSBC Saudi Arabia, Al Rajhi Capital, SNB Capital, and AlJazira Capital have been appointed as joint lead managers to lead the transaction
Sukuk and bonds had a high pricing correlation of 0.95 (out of 1) on average and low average spreads between 2018 and H1 2023
The Shariah-compliant bank’s total income reached Dhs9.3bn during the quarter, up 49 per cent from Dhs6.22bn the same period a year ago
Sukuk issuance is expected to plunge in Q3 2023 before picking up pace in the last quarter of the year
The issuance was met with robust demand, attracting interest from over 240 global and regional investors with the final order exceeding $7bn
The SCA board approved the decision to exempt the fee for this year for companies planning to list their sustainability-linked bond or sukuk
This is the sixth tranche under SRC’s upsized SAR20bn sukuk programme
The conglomerate will use the proceeds from its fourth green sukuk issuance to refinance an older $800m bond commitment due in May 2024
The T-Sukuk auction will be followed by a listing on Nasdaq Dubai to promote secondary market trading along with primary dealers