âAl Arabi GCC SukukâMid-Month Report
“Al Arabi GCC Sukuk”Mid-Month Report
Main News:
No. of Issue: 48
Date: 15/12/2016
Islamic Development Bank lists $1.25 billion Sukuk on Nasdaq Dubai The Islamic Development Bank, IDB, listed a US$1.25 billion Sukuk today on Nasdaq Dubai, the region’s international financial exchange. It is the seventh Sukuk listing on the exchange by the IDB, making it the largest Sukuk issuer on Nasdaq Dubai at 8.55 billion US dollars. Altogether, Nasdaq Dubai has 56 Sukuk listings totalling US$43.96 billion, making it the largest exchange in the world …Source: Zawya Qatar's Ezdan Holding closes $460 million Islamic financing Ezdan Holding , one of the largest private real estate developers in Qatar, said on Wednesday it had secured an 8-year $460 million Islamic syndicated facility. Dubai bank Mashreq was the sole coordinator of the financing, in which 10 regional, Asian and international financial institutions participated, Ezdan said in a statement. Mashreq Al Islami, Mashreq's Islamic unit…Source: Reuters Bahrain's GFH bank close to completing Al Khair acquisition, eyes another merger GFH Financial Group hopes to largely complete the acquisition of Bahrain's Bank Al Khair in the first quarter of next year and is at an advanced stage of exploring a merger with another Bahraini bank, its chief executive said. "The recent merger we announced was Bank Al Khair - we hope during the first quarter of 2017 to finish most of our acquisition," Hisham al-Rayes told Reuters...Source: Reuters Bahrain has no sukuk plans in near future, depends on budget -c.bank chief Bahrain is not planning a sukuk issue "in the near future", and any offer will depend on the shape of the Gulf nation's budget for next year which is in the final stages of approval, the country's central bank governor. Rasheed al-Maraj, speaking to reporters on the sidelines of an Islamic finance conference, also repeated that Bahrain is committed to continuing with its currency peg...Source: Reuters Islamic bank Al Baraka eyes $300 mln Tier 1 sukuk issue in Q1 2017 -CEO Al Baraka Banking Group is targeting the sale of capital-boosting sukuk worth $300 million in the first quarter of 2017, the chief executive of the Bahrain-based Islamic lender, with operations in over a dozen countries. "You'll see issuance of sukuk in the first quarter of 2017 around $300 million, and we are talking to some banks" about arranging it, Adnan Ahmed Yousef told reporters …Source: Reuters Dubai's Emirates Islamic launches $408 million rights issue Emirates Islamic Bank, the shariah-compliant arm of Dubai's largest lender, launched its 1.5 billion dirham ($408 million) rights issue. Shareholders, who hold shares in the bank at the close of business on Tuesday, will be eligible to the subscription which begins on December 14 and ends on December 28, the Dubai-based lender owned by Emirates NBD said in a bourse statement...Source: Reuters Saudi Investment Bank closes 500 million riyals sukuk Saudi Investment Bank closed a 500 million riyals ($133.3 million) Tier 1 sukuk sale, the bank said on Tuesday. The subordinated Islamic bond, or sukuk, was sold privately, it added. The debt transaction, which was completed on Monday, will boost the Riyadh-headquartered bank's capital base and its capital adequacy ratio, in addition to diversifying the Saudi bank's funding sources …Source: Zawya Thomson Reuters named benchmark administrator & calculation agent for the Saudi Arabian Interbank Offer Rate (SAIBOR) Reuters announced today that it was selected as benchmark administrator and calculation agent for the Saudi Arabian Interbank Offer Rate (SAIBOR). The appointment is part of an agreement with the Saudi Arabian banking industry. The arrangement is authorised by the Saudi Arabian Monetary Authority (SAMA), as part of its regulatory mandate over the banking sector...Source: Reuters $592 million IDB fund injection for key projects The board of executive directors of Islamic Development Bank (IDB) gave approval to finance 592.2 million worth of new projects, at the end of its 315th session held in Jeddah on Monday. The new funds include $105 million financing to support the Al-Fadhili gas processing project, which falls under the National Transformation Plan (NTP 2020) and Saudi Vision 2030...Source: Reuters
1
5.00%
Performance of Al Arabi GCC50, BGCC200, S&P S.Index & DJ Sukuk - Weekly Change
4.00%
3.00% 2.00%
1.00% 0.00% 11/15/2016
11/20/2016
11/25/2016
11/30/2016
12/5/2016
12/10/2016
12/15/2016
-1.00% -2.00%
Dow Jones Sukuk Index
S&P Mena Sukuk
BGCC200 index
Al Arabi GCC 50 Index
Source: OABInvest, Bloomberg
Upcoming Sukuk Maturities Issuer BAHRAIN LEASING SUKUK ABHC SUKUK BHD BAHRAIN SUKUK AL-SALAM BAHRAIN LEASING SUKUK
Maturity Date 12/15/2016 12/16/2016 12/21/2016 1/12/2017
Offer Coupon Type FIXED FIXED FIXED FIXED
Currency BHD MYR BHD BHD
Offer Coupon Bid Rate Price 2.30% 4.50% 2.05% 2.20%
-
Bid Offer Yield % Price -
-
Offer Rating Yield % (Moody's) -
Source: OABInvest
Source: OABInvest, Bloomberg
Sukuk Indices Vs. Al Arabi indices & Bloomberg Indices
Current Close
Previous Close
15 Dec 2016 Index
15 Nov 2016 Index
Change Change
MTD
YTD
%
%
%
Dow Jones Sukuk Index S&P Mena Sukuk
100.22 113.01
101.34 113.38
(1.12) (0.37)
(1.11) (0.33)
(0.04) 0.19
0.36 4.17
Al Arabi Oman 20 Index
1,047.42
993.98
53.44
5.38
4.92
1.80
Al Arabi GCC 50 Index
1,158.66
1,080.57
78.09
7.23
2.09
8.65
Al Arabi MENA 200 Index
1,003.75
945.08
58.67
6.21
2.50
5.30
64.34
60.25
4.09
6.79
2.60
3.34
Bloomberg GCC 200 Index
Source: OABInvest, Bloomberg. GCC 50, M ENA 200 and BGCC 200 Indices are updated till 2:00 PM -M uscat Time
SUKUK Trading Summary – 1 Month Top Gainers
Price
Chg
Top Losers
Price
Companies
RO
SAUDI ELECTRICITY GLOBAL
94.597
2.76
SAUDI ELECTRICITY GLOBAL ALPHA STAR HOLDING LTD
94.635 98.083
2.41 2.08
Chg
%
Companies
RO
NATIONAL BK OF ABU DHABI
97.291
-3.97
GULF INVESTMENT CORP DUBAI DOF WAKALA SUKUK 1
96.208 98.815
-2.89 -2.24
%
Source: OABInvest, Bloomberg
2
GCC Sukuk Issue by Quarterly Size in Mn$ 2016 2015 2014 2013 2012
2011 Q1
2010
0
10,000
20,000
Q2
30,000
Q3
Q4
40,000
50,000
Source: OABInvest, Bloomberg
Millions
GCC Sukuk Issue by Types 2010-2016 Sukuk Al Istisna'a
GCC Sukuk Issue by Types Q3-2016 Mn$
7,000
Sukuk/Islamic
Mn$
Sukuk Al Ijara
11,250
Sukuk Al Mudarabah
1,502
16,768
Sukuk Al Murabaha
20,150
Sukuk Al-Wakala Bel-Istithma
Sukuk/Islamic
3,623
24,075
Sukuk Al Ijara
35,350
Sukuk Al Musharakah
Sukuk Al-Wakala Bel-Istithma
47,156
0
20,000
60,000 Millions
40,000
4,250
0
1,000
2,000
3,000
4,000
5,000
Source: OABInvest, Bloomberg
Millions
GCC Sukuk Issue by Sector Q3-2016
GCC Sukuk Issue by Sector 2010-2016 Diversified
2,150
MN
Mn$
Industrial
5,300
Energy
5,511
Consumer, Non-cyclical
Government
Consumer, Non-cyclical
9,700
Basic Materials
907
1,600
10,700
Consumer, Cyclical
17,000
Government
Financial
2,968
17,995
Utilities
26,400
Industrial
Financial
3,900
63,743 0
5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 55,000 60,000 65,000 70,000
0
1,000
811
Kuwait
1,025
Bahrain
3,000
4,000
5,000 Millions
GCC Sukuk Issue by Country Q3-2016
GCC Sukuk Issue by Country 2010-2016 Oman
2,000
Millions
Source: OABInvest, Bloomberg
Mn$
Qatar
368
Bahrain
407
Mn$
4,795
Oman Qatar
500
13,293
United Arab Emirates
United Arab Emirates
34,675
Saudi Arabia
107,150 0
20,000
40,000
Source: OABInvest, Bloomberg
60,000
80,000
100,000
120,000 Millions
1,700
Saudi Arabia
2,968
0
500
1,000
1,500
2,000
2,500
3,000
3,500 Millions
3
GCC Sukuk prices and yield - Sorted by Offer Coupon Rate Maturity Offer Coupon Issuer Date Type SAUDI ELECTRICITY CO SAUDI ELEC GLOBAL SUKUK SAUDI ELEC GLOBAL SUKUK SAUDI ELECTRICITY GLOBAL SAUDI ELECTRICITY GLOBAL POWER & WATER UTILITY CO SAUDI ELECTRICITY CO DUBAI DOF SUKUK LTD SADARA BASIC SERVICES CO NATIONAL BK OF ABU DHABI GULF INVESTMENT CORP TADAWUL REAL EST SUKUK EMAAR SUKUK LTD BANK AL JAZIRA ARABIAN ARAMCO TOTAL SER MAF SUKUK LTD ARAB NATIONAL BANK BAHRAIN IJARA SUKUK RIYAD BANK SAUDI BRITISH BANK RAK CAPITAL DUBAI DOF WAKALA SUKUK 1 BAHRAIN IJARA SUKUK DIFC SUKUK SHARJAH SUKUK LTD EMG SUKUK LTD BANQUE SAUDI FRANSI SAUDI TELECOM CO SAUDI INVESTMENT BANK SAUDI ELEC GLOBAL SUKUK SAUDI ELEC GLOBAL SUKUK NATIONAL COMMERCIAL BANK CBB INTERNATIONAL SUKUK CBB INTERNATIONAL SUKUK ALAWWAL BANK DP WORLD CRESCENT LTD DP WORLD CRESCENT LTD SAUDI ELECTRICITY GLOBAL SAUDI ELECTRICITY GLOBAL MEDJOOL LTD DUBAI DOF SUKUK LTD SOQ SUKUK A Q.S.C ALMARAI CO LTD NATIONAL SHIPPING CO OF OMAN GOV INTERNTL BOND GULF INVESTMENT CORP DUBAI DOF SUKUK LTD SAUDI ELECTRICITY GLOBAL TAQA ABU DHABI NATL ENER GENERAL AUTHORITY OF CIV MUMTALAKAT SUKUK HOLDING SIB SUKUK CO III LTD MOHAM AL BARWANI SUKUK MOHAM AL BARWANI SUKUK SAUDI INTERNATIONAL PETR EIB SUKUK LTD EIB SUKUK LTD DIB SUKUK LTD GULF INVESTMENT CORP RVOS SUKUK SHARJAH SUKUK 2 LTD NATIONAL BK OF ABU DHABI SAUDI BRITISH BANK RIYAD BANK OMAN SOVEREIGN SUKUK QIB SUKUK LTD OREIDCO SUKUK NAJRAN CEMENT CO DIB SUKUK LTD Source: Bloomberg
1/30/2054 4/8/2044 4/8/2044 4/8/2043 4/8/2043 5/28/2033 5/10/2030 4/30/2029 12/15/2028 12/9/2027 6/18/2027 12/3/2026 9/15/2026 6/2/2026 12/20/2025 11/3/2025 10/7/2025 7/9/2025 6/24/2025 5/28/2025 3/31/2025 3/20/2025 1/19/2025 11/12/2024 9/17/2024 6/18/2024 6/18/2024 6/9/2024 6/5/2024 4/8/2024 4/8/2024 2/25/2024 2/12/2024 2/12/2024 12/12/2023 5/31/2023 5/31/2023 4/8/2023 4/8/2023 3/19/2023 1/30/2023 1/18/2023 9/16/2022 7/30/2022 7/14/2022 6/20/2022 5/2/2022 4/3/2022 3/3/2022 1/18/2022 11/25/2021 9/8/2021 6/29/2021 6/29/2021 6/16/2021 5/31/2021 5/31/2021 3/30/2021 3/16/2021 2/17/2021 1/27/2021 12/28/2020 12/17/2020 11/11/2020 11/3/2020 10/27/2020 8/30/2020 6/8/2020 6/3/2020
FLOATING FIXED FIXED FIXED FIXED FLOATING FLOATING FIXED FLOATING FIXED FIXED FIXED FIXED FLOATING FLOATING FIXED FLOATING FIXED FLOATING FLOATING FIXED FIXED FIXED FIXED FIXED FIXED FLOATING FLOATING FLOATING FIXED FIXED FLOATING FIXED FIXED FLOATING FIXED FIXED FIXED FIXED FIXED FIXED FIXED FLOATING FLOATING FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FLOATING FIXED FUNGED FIXED FIXED FLOATING FIXED FIXED FLOATING FLOATING FIXED FIXED FLOATING FLOATING FIXED
Currency SAR USD USD USD USD SAR SAR USD SAR MYR MYR SAR USD SAR SAR USD SAR BHD SAR SAR USD USD BHD USD USD USD SAR SAR SAR USD USD SAR USD USD SAR USD USD USD USD USD USD USD SAR SAR USD MYR USD USD MYR SAR USD USD OMR USD SAR USD USD USD MYR SAR USD MYR SAR SAR OMR USD SAR SAR USD
Offer Coupon Bid Rate Price 3.08% 5.50% 5.50% 5.06% 5.06% 3.13% 3.17% 5.00% 3.16% 4.75% 5.30% 3.05% 3.64% 4.15% 3.27% 4.50% 3.85% 5.00% 3.47% 3.58% 3.09% 3.89% 5.50% 4.33% 3.76% 4.56% 3.43% 2.74% 3.70% 4.00% 4.00% 3.48% 5.62% 5.62% 3.77% 3.91% 3.91% 3.47% 3.47% 3.88% 3.88% 3.24% 3.59% 3.12% 3.50% 5.10% 6.45% 4.21% 4.65% 2.50% 4.00% 3.08% 8.50% 8.50% 4.56% 3.54% 3.54% 3.60% 5.10% 4.28% 3.84% 4.90% 3.61% 2.89% 3.50% 2.75% 4.11% 3.44% 2.92%
98.36 98.46 94.13 94.06 99.00 105.01 96.80 95.71 95.01 101.13 96.74 98.46 102.59 102.51 102.01 102.25 102.12 102.55 102.46 99.81 99.94 100.86 100.75 100.47 102.13 102.48 99.40 98.22 115.09 105.92 96.67 96.09 99.13 100.51 100.84 99.01 103.55 101.29 1.00 99.55 98.97
Bid Yield % 5.62 5.61 5.48 5.49 3.07 4.47 5.14 5.85 4.27 4.34 3.55 4.11 3.94 3.39 4.25 3.65 3.67 5.19 5.21 3.94 3.92 3.32 3.34 3.79 3.48 2.79 3.62 5.48 3.35 2.99 5.40 4.90 3.28 3.42 3.39 5.37 2.92 4.54 324.50 2.88 3.24
Offer Price 99.37 99.48 95.14 95.13 99.00 105.74 97.79 96.71 95.66 101.79 97.52 99.17 103.16 103.08 102.86 102.87 102.91 103.04 103.12 100.41 100.45 101.44 101.46 101.37 102.79 103.39 99.93 98.97 115.74 106.49 97.38 97.08 99.62 101.08 101.41 99.01 104.04 101.29 1.00 100.04 99.45
Offer Rating Yield % (Moody's) 5.54 5.54 5.41 5.41 3.07 4.39 5.02 5.72 4.18 4.26 3.44 4.01 3.86 3.31 4.12 3.55 3.54 5.11 5.10 3.84 3.83 3.22 3.21 3.63 3.37 2.63 3.51 5.32 3.23 2.88 5.23 4.67 3.17 3.28 3.24 5.37 2.79 4.54 324.50 2.74 3.09
A2 A2 A2 A2 #N/A N/A Baa3 A3 Baa2 A2 A2 Baa2 Baa2 A2 A2 Aa2 Baa1 A2 A3 A3 Baa1 A3 NR Baa1 Baa1
4
GCC Sukuk prices and yield - Sorted by Offer Coupon Rate Maturity Offer Coupon Issuer Date Type ICD SUKUK CO LTD ICD SUKUK CO LTD NOOR SUKUK CO LTD ALMARAI CO LTD SIB SUKUK CO III LTD SAVOLA GROUP COMPANY BANQUE SAUDI FRANSI AL SHINDAGHA SUKUK LTD ALAWWAL BANK ADVANCED PETROCHEMICAL C BBG SUKUK LTD QIB SUKUK LTD EMAAR SUKUK LTD FAWAZ ABDULAZIZ ALHOKAIR NATIONAL PETROCHEMICAL C JAFZ SUKUK 2019 DAR AL-ARKAN SUKUK CO LT DAR AL-ARKAN SUKUK CO LT NATIONAL INDUSTRIALIZATI ABHC SUKUK CO 1 ALPHA STAR HOLDING LTD ALMARAI CO LTD DIP SUKUK LTD AHB SUKUK CO SUKUK FUNDING NO3 LTD OOREDOO TAMWEEL LTD CBB INTERNATIONAL SUKUK RAK CAPITAL AHB SUKUK CO GFH SUKUK LTD QATAR GOVT SUKUK DAR AL-ARKAN SUKUK CO LT BBG SUKUK LTD BAHRAIN MUMTALAKAT HLDNG SIB SUKUK CO III LTD ALMARAI CO LTD BBG SUKUK LTD DEWA SUKUK 2013 LTD SOQ SUKUK A Q.S.C EIB SUKUK LTD BAHRAIN IJARA SUKUK DANA GAS SUKUK LTD DANA GAS SUKUK LTD DANA GAS SUKUK LTD DANA GAS SUKUK LTD QIIB SUKUK FUNDING LTD QIB SUKUK LTD BAHRAIN MUMTALAKAT HLDNG BAHRAIN GOV'T BOND DP WORLD SUKUK LTD DP WORLD SUKUK LTD ORECO SUKUK LTD DIB SUKUK LTD BSF SUKUK LIMITED DUBAI DOF SUKUK LTD BAHRAIN LEASING SUKUK SAUDI ELECTRICITY GLOBAL SAUDI BRITISH BANK ALPHA STAR HOLDING II LT BAHRAIN LEASING SUKUK BAHRAIN LEASING SUKUK MAF SUKUK LTD TAMWEEL FUNDING LTD EIB SUKUK LTD FGB SUKUK COMPANY LTD BAHRAIN LEASING SUKUK BAHRAIN SUKUK AL-SALAM ABHC SUKUK BHD BAHRAIN LEASING SUKUK
5/21/2020 5/21/2020 4/28/2020 3/31/2020 3/17/2020 1/22/2020 12/18/2019 11/26/2019 11/26/2019 11/17/2019 10/18/2019 8/18/2019 7/18/2019 6/24/2019 6/23/2019 6/19/2019 5/28/2019 5/28/2019 5/21/2019 4/14/2019 4/9/2019 3/7/2019 2/20/2019 1/9/2019 12/3/2018 12/3/2018 11/22/2018 10/21/2018 10/8/2018 7/26/2018 6/1/2018 5/24/2018 5/3/2018 4/30/2018 4/16/2018 3/31/2018 3/24/2018 3/5/2018 1/18/2018 1/11/2018 1/8/2018 10/31/2017 10/31/2017 10/31/2017 10/31/2017 10/18/2017 10/10/2017 10/3/2017 7/17/2017 7/2/2017 7/2/2017 6/25/2017 5/30/2017 5/22/2017 5/2/2017 4/13/2017 4/3/2017 3/28/2017 3/21/2017 3/16/2017 2/9/2017 2/7/2017 1/18/2017 1/18/2017 1/18/2017 1/12/2017 12/21/2016 12/16/2016 12/15/2016
FIXED FIXED FIXED FLOATING FIXED FLOATING FLOATING FIXED FLOATING FLOATING FLOATING FLOATING FIXED FLOATING FLOATING FIXED FIXED FIXED FLOATING FLOATING FIXED FLOATING FIXED FLOATING FIXED FIXED FIXED FIXED FIXED FLOATING FIXED FIXED FLOATING FIXED FIXED FLOATING FLOATING FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FLOATING FIXED FIXED FIXED FIXED FIXED FLOATING FLOATING FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED
Currency USD USD USD SAR USD SAR SAR USD SAR SAR USD USD USD SAR SAR USD USD USD SAR USD USD SAR USD USD USD USD USD USD USD USD QAR USD USD MYR USD SAR USD USD USD USD BHD USD USD USD USD USD USD MYR BHD USD USD SAR USD USD USD BHD USD SAR USD BHD BHD USD USD USD USD BHD BHD MYR BHD
Offer Coupon Bid Rate Price 3.51% 3.51% 2.79% 3.42% 2.84% 3.42% 3.13% 3.78% 3.43% 3.50% 2.48% 2.41% 6.40% 4.20% 4.03% 7.00% 6.50% 6.50% 3.35% 5.26% 4.97% 3.44% 4.29% 2.55% 4.35% 3.04% 6.27% 3.30% 3.27% 5.00% 6.50% 5.75% 2.73% 5.35% 2.95% 3.32% 2.71% 3.00% 2.10% 4.15% 3.00% 9.00% 9.00% 7.00% 7.00% 2.69% 2.50% 5.50% 4.30% 6.25% 6.25% 3.85% 4.75% 2.95% 4.90% 2.20% 2.67% 3.59% 4.11% 2.20% 2.20% 5.85% 5.15% 4.72% 4.05% 2.20% 2.05% 4.50% 2.30%
99.59 99.59 98.88 99.22 100.72 99.71 100.43 108.75 109.43 98.14 98.14 105.56 97.67 101.63 101.42 103.13 101.54 105.73 101.72 101.67 97.58 100.03 100.49 100.13 99.99 100.97 100.24 101.76 93.97 89.69 89.69 100.22 100.32 100.26 102.37 102.33 101.36 100.32 101.22 100.24 100.38 100.61 100.34 100.26 100.32 -
Bid Yield % 3.64 3.64 3.14 3.10 3.52 2.67 2.31 2.86 3.05 7.35 7.35 2.88 6.06 3.50 1.87 2.70 2.23 3.18 2.34 2.31 7.56 2.81 4.98 2.85 2.82 2.19 1.88 2.46 16.62 20.30 20.30 2.41 2.10 5.15 1.78 1.83 1.69 2.18 1.56 1.83 2.74 1.23 0.91 1.49 0.08 -
Offer Price 100.24 100.24 99.45 99.93 101.29 100.39 100.84 109.42 110.14 99.32 99.32 106.36 98.49 102.20 101.94 103.62 102.08 106.31 102.20 102.16 98.78 100.60 100.49 100.93 100.44 101.37 100.58 102.20 95.45 91.51 91.51 100.65 100.60 100.26 102.61 102.75 101.72 100.72 101.59 100.51 100.75 100.76 100.49 100.43 100.56 -
Offer Rating Yield % (Moody's) 3.43 3.43 2.96 2.87 3.31 2.43 2.15 2.60 2.77 6.81 6.81 2.54 5.67 3.23 1.62 2.44 1.95 2.88 2.07 2.04 6.65 2.39 4.98 2.24 2.46 1.85 1.55 2.04 14.69 17.81 17.81 1.89 1.75 5.15 1.35 1.06 0.89 1.23 0.60 0.88 1.28 0.15 -0.94 -0.57 -2.79 -
A3 A2 Baa3 Baa2 Baa3 A2 A1 A2 Aa2 A3 A2 Baa2 Baa2 Baa1 A2 Baa1 A3 A2 -
Source: Bloomberg
5
Other News: December 2016 Dubai Islamic Economy Development Centre organises workshop ahead of updated strategy Emirates News Agency Qatar's Al Faisal looks at loan options after market lukewarm to sukuk idea- sources Despite slowdown, sukuk market maintains positive outlook – Gulf News Kuwait International Bank named Best Islamic Bank in the GCC by World Finance – Press Release Ezdan Sukuk wins bond/sukuk deal of the year by debut issuer at bonds, loans & sukuk Middle East awards 2016 – Press Release Qatar Islamic Bank not planning another sukuk issue- CFO Islamic Development Bank prices $1.25 billion fixed-rate trust certificates issuance – Press Release Indonesia revises pricing on US dollar bonds - Reuters November 2016 Saudi Murabaha finance scales up expansion plans with global Sharia Advisor - Press Release UAE's Etihad Airways sets pricing guidance for planned 5-year sukuk - Reuters Bahrain's Takaud partnership expands Kuwait's Ahli capital client offerings - Press Release Large Saudi bank cuts money quote; rates may fall back below repo - Reuters Bahrain approaches banks about sukuk sale in Q1 2017 -sources Noor Bank closes $231.5 million Islamic loan for UAE's Ajman Bank – Reuters Pak-Qatar Takaful expands in Pakistan - The Peninsula
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Disclaimer: This report has been prepared by research department in IMG – Oman Arab Bank, and is provided for information purposes only. Under no circumstances is to be used or considered as an offer to sell or solicitation of any offer to buy. While all reasonable care has been taken to ensure that the information contained therein is not untrue or misleading at the time of publication, we make no representation as to its accuracy or completeness and it should not be relied upon as such, and the bank accepts no responsibility whatsoever for any direct or indirect consequential loss arising from any use of this report or its contents. All opinions and estimates included in this document constitute IMG's Research department judgment as of the date of production of this report, and are subject to change without notice. This report may not be reproduced, distributed or published by any recipient for any purpose.
Main News:
No. of Issue: 48
Date: 15/12/2016
Islamic Development Bank lists $1.25 billion Sukuk on Nasdaq Dubai The Islamic Development Bank, IDB, listed a US$1.25 billion Sukuk today on Nasdaq Dubai, the region’s international financial exchange. It is the seventh Sukuk listing on the exchange by the IDB, making it the largest Sukuk issuer on Nasdaq Dubai at 8.55 billion US dollars. Altogether, Nasdaq Dubai has 56 Sukuk listings totalling US$43.96 billion, making it the largest exchange in the world …Source: Zawya Qatar's Ezdan Holding closes $460 million Islamic financing Ezdan Holding , one of the largest private real estate developers in Qatar, said on Wednesday it had secured an 8-year $460 million Islamic syndicated facility. Dubai bank Mashreq was the sole coordinator of the financing, in which 10 regional, Asian and international financial institutions participated, Ezdan said in a statement. Mashreq Al Islami, Mashreq's Islamic unit…Source: Reuters Bahrain's GFH bank close to completing Al Khair acquisition, eyes another merger GFH Financial Group hopes to largely complete the acquisition of Bahrain's Bank Al Khair in the first quarter of next year and is at an advanced stage of exploring a merger with another Bahraini bank, its chief executive said. "The recent merger we announced was Bank Al Khair - we hope during the first quarter of 2017 to finish most of our acquisition," Hisham al-Rayes told Reuters...Source: Reuters Bahrain has no sukuk plans in near future, depends on budget -c.bank chief Bahrain is not planning a sukuk issue "in the near future", and any offer will depend on the shape of the Gulf nation's budget for next year which is in the final stages of approval, the country's central bank governor. Rasheed al-Maraj, speaking to reporters on the sidelines of an Islamic finance conference, also repeated that Bahrain is committed to continuing with its currency peg...Source: Reuters Islamic bank Al Baraka eyes $300 mln Tier 1 sukuk issue in Q1 2017 -CEO Al Baraka Banking Group is targeting the sale of capital-boosting sukuk worth $300 million in the first quarter of 2017, the chief executive of the Bahrain-based Islamic lender, with operations in over a dozen countries. "You'll see issuance of sukuk in the first quarter of 2017 around $300 million, and we are talking to some banks" about arranging it, Adnan Ahmed Yousef told reporters …Source: Reuters Dubai's Emirates Islamic launches $408 million rights issue Emirates Islamic Bank, the shariah-compliant arm of Dubai's largest lender, launched its 1.5 billion dirham ($408 million) rights issue. Shareholders, who hold shares in the bank at the close of business on Tuesday, will be eligible to the subscription which begins on December 14 and ends on December 28, the Dubai-based lender owned by Emirates NBD said in a bourse statement...Source: Reuters Saudi Investment Bank closes 500 million riyals sukuk Saudi Investment Bank closed a 500 million riyals ($133.3 million) Tier 1 sukuk sale, the bank said on Tuesday. The subordinated Islamic bond, or sukuk, was sold privately, it added. The debt transaction, which was completed on Monday, will boost the Riyadh-headquartered bank's capital base and its capital adequacy ratio, in addition to diversifying the Saudi bank's funding sources …Source: Zawya Thomson Reuters named benchmark administrator & calculation agent for the Saudi Arabian Interbank Offer Rate (SAIBOR) Reuters announced today that it was selected as benchmark administrator and calculation agent for the Saudi Arabian Interbank Offer Rate (SAIBOR). The appointment is part of an agreement with the Saudi Arabian banking industry. The arrangement is authorised by the Saudi Arabian Monetary Authority (SAMA), as part of its regulatory mandate over the banking sector...Source: Reuters $592 million IDB fund injection for key projects The board of executive directors of Islamic Development Bank (IDB) gave approval to finance 592.2 million worth of new projects, at the end of its 315th session held in Jeddah on Monday. The new funds include $105 million financing to support the Al-Fadhili gas processing project, which falls under the National Transformation Plan (NTP 2020) and Saudi Vision 2030...Source: Reuters
1
5.00%
Performance of Al Arabi GCC50, BGCC200, S&P S.Index & DJ Sukuk - Weekly Change
4.00%
3.00% 2.00%
1.00% 0.00% 11/15/2016
11/20/2016
11/25/2016
11/30/2016
12/5/2016
12/10/2016
12/15/2016
-1.00% -2.00%
Dow Jones Sukuk Index
S&P Mena Sukuk
BGCC200 index
Al Arabi GCC 50 Index
Source: OABInvest, Bloomberg
Upcoming Sukuk Maturities Issuer BAHRAIN LEASING SUKUK ABHC SUKUK BHD BAHRAIN SUKUK AL-SALAM BAHRAIN LEASING SUKUK
Maturity Date 12/15/2016 12/16/2016 12/21/2016 1/12/2017
Offer Coupon Type FIXED FIXED FIXED FIXED
Currency BHD MYR BHD BHD
Offer Coupon Bid Rate Price 2.30% 4.50% 2.05% 2.20%
-
Bid Offer Yield % Price -
-
Offer Rating Yield % (Moody's) -
Source: OABInvest
Source: OABInvest, Bloomberg
Sukuk Indices Vs. Al Arabi indices & Bloomberg Indices
Current Close
Previous Close
15 Dec 2016 Index
15 Nov 2016 Index
Change Change
MTD
YTD
%
%
%
Dow Jones Sukuk Index S&P Mena Sukuk
100.22 113.01
101.34 113.38
(1.12) (0.37)
(1.11) (0.33)
(0.04) 0.19
0.36 4.17
Al Arabi Oman 20 Index
1,047.42
993.98
53.44
5.38
4.92
1.80
Al Arabi GCC 50 Index
1,158.66
1,080.57
78.09
7.23
2.09
8.65
Al Arabi MENA 200 Index
1,003.75
945.08
58.67
6.21
2.50
5.30
64.34
60.25
4.09
6.79
2.60
3.34
Bloomberg GCC 200 Index
Source: OABInvest, Bloomberg. GCC 50, M ENA 200 and BGCC 200 Indices are updated till 2:00 PM -M uscat Time
SUKUK Trading Summary – 1 Month Top Gainers
Price
Chg
Top Losers
Price
Companies
RO
SAUDI ELECTRICITY GLOBAL
94.597
2.76
SAUDI ELECTRICITY GLOBAL ALPHA STAR HOLDING LTD
94.635 98.083
2.41 2.08
Chg
%
Companies
RO
NATIONAL BK OF ABU DHABI
97.291
-3.97
GULF INVESTMENT CORP DUBAI DOF WAKALA SUKUK 1
96.208 98.815
-2.89 -2.24
%
Source: OABInvest, Bloomberg
2
GCC Sukuk Issue by Quarterly Size in Mn$ 2016 2015 2014 2013 2012
2011 Q1
2010
0
10,000
20,000
Q2
30,000
Q3
Q4
40,000
50,000
Source: OABInvest, Bloomberg
Millions
GCC Sukuk Issue by Types 2010-2016 Sukuk Al Istisna'a
GCC Sukuk Issue by Types Q3-2016 Mn$
7,000
Sukuk/Islamic
Mn$
Sukuk Al Ijara
11,250
Sukuk Al Mudarabah
1,502
16,768
Sukuk Al Murabaha
20,150
Sukuk Al-Wakala Bel-Istithma
Sukuk/Islamic
3,623
24,075
Sukuk Al Ijara
35,350
Sukuk Al Musharakah
Sukuk Al-Wakala Bel-Istithma
47,156
0
20,000
60,000 Millions
40,000
4,250
0
1,000
2,000
3,000
4,000
5,000
Source: OABInvest, Bloomberg
Millions
GCC Sukuk Issue by Sector Q3-2016
GCC Sukuk Issue by Sector 2010-2016 Diversified
2,150
MN
Mn$
Industrial
5,300
Energy
5,511
Consumer, Non-cyclical
Government
Consumer, Non-cyclical
9,700
Basic Materials
907
1,600
10,700
Consumer, Cyclical
17,000
Government
Financial
2,968
17,995
Utilities
26,400
Industrial
Financial
3,900
63,743 0
5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 55,000 60,000 65,000 70,000
0
1,000
811
Kuwait
1,025
Bahrain
3,000
4,000
5,000 Millions
GCC Sukuk Issue by Country Q3-2016
GCC Sukuk Issue by Country 2010-2016 Oman
2,000
Millions
Source: OABInvest, Bloomberg
Mn$
Qatar
368
Bahrain
407
Mn$
4,795
Oman Qatar
500
13,293
United Arab Emirates
United Arab Emirates
34,675
Saudi Arabia
107,150 0
20,000
40,000
Source: OABInvest, Bloomberg
60,000
80,000
100,000
120,000 Millions
1,700
Saudi Arabia
2,968
0
500
1,000
1,500
2,000
2,500
3,000
3,500 Millions
3
GCC Sukuk prices and yield - Sorted by Offer Coupon Rate Maturity Offer Coupon Issuer Date Type SAUDI ELECTRICITY CO SAUDI ELEC GLOBAL SUKUK SAUDI ELEC GLOBAL SUKUK SAUDI ELECTRICITY GLOBAL SAUDI ELECTRICITY GLOBAL POWER & WATER UTILITY CO SAUDI ELECTRICITY CO DUBAI DOF SUKUK LTD SADARA BASIC SERVICES CO NATIONAL BK OF ABU DHABI GULF INVESTMENT CORP TADAWUL REAL EST SUKUK EMAAR SUKUK LTD BANK AL JAZIRA ARABIAN ARAMCO TOTAL SER MAF SUKUK LTD ARAB NATIONAL BANK BAHRAIN IJARA SUKUK RIYAD BANK SAUDI BRITISH BANK RAK CAPITAL DUBAI DOF WAKALA SUKUK 1 BAHRAIN IJARA SUKUK DIFC SUKUK SHARJAH SUKUK LTD EMG SUKUK LTD BANQUE SAUDI FRANSI SAUDI TELECOM CO SAUDI INVESTMENT BANK SAUDI ELEC GLOBAL SUKUK SAUDI ELEC GLOBAL SUKUK NATIONAL COMMERCIAL BANK CBB INTERNATIONAL SUKUK CBB INTERNATIONAL SUKUK ALAWWAL BANK DP WORLD CRESCENT LTD DP WORLD CRESCENT LTD SAUDI ELECTRICITY GLOBAL SAUDI ELECTRICITY GLOBAL MEDJOOL LTD DUBAI DOF SUKUK LTD SOQ SUKUK A Q.S.C ALMARAI CO LTD NATIONAL SHIPPING CO OF OMAN GOV INTERNTL BOND GULF INVESTMENT CORP DUBAI DOF SUKUK LTD SAUDI ELECTRICITY GLOBAL TAQA ABU DHABI NATL ENER GENERAL AUTHORITY OF CIV MUMTALAKAT SUKUK HOLDING SIB SUKUK CO III LTD MOHAM AL BARWANI SUKUK MOHAM AL BARWANI SUKUK SAUDI INTERNATIONAL PETR EIB SUKUK LTD EIB SUKUK LTD DIB SUKUK LTD GULF INVESTMENT CORP RVOS SUKUK SHARJAH SUKUK 2 LTD NATIONAL BK OF ABU DHABI SAUDI BRITISH BANK RIYAD BANK OMAN SOVEREIGN SUKUK QIB SUKUK LTD OREIDCO SUKUK NAJRAN CEMENT CO DIB SUKUK LTD Source: Bloomberg
1/30/2054 4/8/2044 4/8/2044 4/8/2043 4/8/2043 5/28/2033 5/10/2030 4/30/2029 12/15/2028 12/9/2027 6/18/2027 12/3/2026 9/15/2026 6/2/2026 12/20/2025 11/3/2025 10/7/2025 7/9/2025 6/24/2025 5/28/2025 3/31/2025 3/20/2025 1/19/2025 11/12/2024 9/17/2024 6/18/2024 6/18/2024 6/9/2024 6/5/2024 4/8/2024 4/8/2024 2/25/2024 2/12/2024 2/12/2024 12/12/2023 5/31/2023 5/31/2023 4/8/2023 4/8/2023 3/19/2023 1/30/2023 1/18/2023 9/16/2022 7/30/2022 7/14/2022 6/20/2022 5/2/2022 4/3/2022 3/3/2022 1/18/2022 11/25/2021 9/8/2021 6/29/2021 6/29/2021 6/16/2021 5/31/2021 5/31/2021 3/30/2021 3/16/2021 2/17/2021 1/27/2021 12/28/2020 12/17/2020 11/11/2020 11/3/2020 10/27/2020 8/30/2020 6/8/2020 6/3/2020
FLOATING FIXED FIXED FIXED FIXED FLOATING FLOATING FIXED FLOATING FIXED FIXED FIXED FIXED FLOATING FLOATING FIXED FLOATING FIXED FLOATING FLOATING FIXED FIXED FIXED FIXED FIXED FIXED FLOATING FLOATING FLOATING FIXED FIXED FLOATING FIXED FIXED FLOATING FIXED FIXED FIXED FIXED FIXED FIXED FIXED FLOATING FLOATING FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FLOATING FIXED FUNGED FIXED FIXED FLOATING FIXED FIXED FLOATING FLOATING FIXED FIXED FLOATING FLOATING FIXED
Currency SAR USD USD USD USD SAR SAR USD SAR MYR MYR SAR USD SAR SAR USD SAR BHD SAR SAR USD USD BHD USD USD USD SAR SAR SAR USD USD SAR USD USD SAR USD USD USD USD USD USD USD SAR SAR USD MYR USD USD MYR SAR USD USD OMR USD SAR USD USD USD MYR SAR USD MYR SAR SAR OMR USD SAR SAR USD
Offer Coupon Bid Rate Price 3.08% 5.50% 5.50% 5.06% 5.06% 3.13% 3.17% 5.00% 3.16% 4.75% 5.30% 3.05% 3.64% 4.15% 3.27% 4.50% 3.85% 5.00% 3.47% 3.58% 3.09% 3.89% 5.50% 4.33% 3.76% 4.56% 3.43% 2.74% 3.70% 4.00% 4.00% 3.48% 5.62% 5.62% 3.77% 3.91% 3.91% 3.47% 3.47% 3.88% 3.88% 3.24% 3.59% 3.12% 3.50% 5.10% 6.45% 4.21% 4.65% 2.50% 4.00% 3.08% 8.50% 8.50% 4.56% 3.54% 3.54% 3.60% 5.10% 4.28% 3.84% 4.90% 3.61% 2.89% 3.50% 2.75% 4.11% 3.44% 2.92%
98.36 98.46 94.13 94.06 99.00 105.01 96.80 95.71 95.01 101.13 96.74 98.46 102.59 102.51 102.01 102.25 102.12 102.55 102.46 99.81 99.94 100.86 100.75 100.47 102.13 102.48 99.40 98.22 115.09 105.92 96.67 96.09 99.13 100.51 100.84 99.01 103.55 101.29 1.00 99.55 98.97
Bid Yield % 5.62 5.61 5.48 5.49 3.07 4.47 5.14 5.85 4.27 4.34 3.55 4.11 3.94 3.39 4.25 3.65 3.67 5.19 5.21 3.94 3.92 3.32 3.34 3.79 3.48 2.79 3.62 5.48 3.35 2.99 5.40 4.90 3.28 3.42 3.39 5.37 2.92 4.54 324.50 2.88 3.24
Offer Price 99.37 99.48 95.14 95.13 99.00 105.74 97.79 96.71 95.66 101.79 97.52 99.17 103.16 103.08 102.86 102.87 102.91 103.04 103.12 100.41 100.45 101.44 101.46 101.37 102.79 103.39 99.93 98.97 115.74 106.49 97.38 97.08 99.62 101.08 101.41 99.01 104.04 101.29 1.00 100.04 99.45
Offer Rating Yield % (Moody's) 5.54 5.54 5.41 5.41 3.07 4.39 5.02 5.72 4.18 4.26 3.44 4.01 3.86 3.31 4.12 3.55 3.54 5.11 5.10 3.84 3.83 3.22 3.21 3.63 3.37 2.63 3.51 5.32 3.23 2.88 5.23 4.67 3.17 3.28 3.24 5.37 2.79 4.54 324.50 2.74 3.09
A2 A2 A2 A2 #N/A N/A Baa3 A3 Baa2 A2 A2 Baa2 Baa2 A2 A2 Aa2 Baa1 A2 A3 A3 Baa1 A3 NR Baa1 Baa1
4
GCC Sukuk prices and yield - Sorted by Offer Coupon Rate Maturity Offer Coupon Issuer Date Type ICD SUKUK CO LTD ICD SUKUK CO LTD NOOR SUKUK CO LTD ALMARAI CO LTD SIB SUKUK CO III LTD SAVOLA GROUP COMPANY BANQUE SAUDI FRANSI AL SHINDAGHA SUKUK LTD ALAWWAL BANK ADVANCED PETROCHEMICAL C BBG SUKUK LTD QIB SUKUK LTD EMAAR SUKUK LTD FAWAZ ABDULAZIZ ALHOKAIR NATIONAL PETROCHEMICAL C JAFZ SUKUK 2019 DAR AL-ARKAN SUKUK CO LT DAR AL-ARKAN SUKUK CO LT NATIONAL INDUSTRIALIZATI ABHC SUKUK CO 1 ALPHA STAR HOLDING LTD ALMARAI CO LTD DIP SUKUK LTD AHB SUKUK CO SUKUK FUNDING NO3 LTD OOREDOO TAMWEEL LTD CBB INTERNATIONAL SUKUK RAK CAPITAL AHB SUKUK CO GFH SUKUK LTD QATAR GOVT SUKUK DAR AL-ARKAN SUKUK CO LT BBG SUKUK LTD BAHRAIN MUMTALAKAT HLDNG SIB SUKUK CO III LTD ALMARAI CO LTD BBG SUKUK LTD DEWA SUKUK 2013 LTD SOQ SUKUK A Q.S.C EIB SUKUK LTD BAHRAIN IJARA SUKUK DANA GAS SUKUK LTD DANA GAS SUKUK LTD DANA GAS SUKUK LTD DANA GAS SUKUK LTD QIIB SUKUK FUNDING LTD QIB SUKUK LTD BAHRAIN MUMTALAKAT HLDNG BAHRAIN GOV'T BOND DP WORLD SUKUK LTD DP WORLD SUKUK LTD ORECO SUKUK LTD DIB SUKUK LTD BSF SUKUK LIMITED DUBAI DOF SUKUK LTD BAHRAIN LEASING SUKUK SAUDI ELECTRICITY GLOBAL SAUDI BRITISH BANK ALPHA STAR HOLDING II LT BAHRAIN LEASING SUKUK BAHRAIN LEASING SUKUK MAF SUKUK LTD TAMWEEL FUNDING LTD EIB SUKUK LTD FGB SUKUK COMPANY LTD BAHRAIN LEASING SUKUK BAHRAIN SUKUK AL-SALAM ABHC SUKUK BHD BAHRAIN LEASING SUKUK
5/21/2020 5/21/2020 4/28/2020 3/31/2020 3/17/2020 1/22/2020 12/18/2019 11/26/2019 11/26/2019 11/17/2019 10/18/2019 8/18/2019 7/18/2019 6/24/2019 6/23/2019 6/19/2019 5/28/2019 5/28/2019 5/21/2019 4/14/2019 4/9/2019 3/7/2019 2/20/2019 1/9/2019 12/3/2018 12/3/2018 11/22/2018 10/21/2018 10/8/2018 7/26/2018 6/1/2018 5/24/2018 5/3/2018 4/30/2018 4/16/2018 3/31/2018 3/24/2018 3/5/2018 1/18/2018 1/11/2018 1/8/2018 10/31/2017 10/31/2017 10/31/2017 10/31/2017 10/18/2017 10/10/2017 10/3/2017 7/17/2017 7/2/2017 7/2/2017 6/25/2017 5/30/2017 5/22/2017 5/2/2017 4/13/2017 4/3/2017 3/28/2017 3/21/2017 3/16/2017 2/9/2017 2/7/2017 1/18/2017 1/18/2017 1/18/2017 1/12/2017 12/21/2016 12/16/2016 12/15/2016
FIXED FIXED FIXED FLOATING FIXED FLOATING FLOATING FIXED FLOATING FLOATING FLOATING FLOATING FIXED FLOATING FLOATING FIXED FIXED FIXED FLOATING FLOATING FIXED FLOATING FIXED FLOATING FIXED FIXED FIXED FIXED FIXED FLOATING FIXED FIXED FLOATING FIXED FIXED FLOATING FLOATING FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FLOATING FIXED FIXED FIXED FIXED FIXED FLOATING FLOATING FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED
Currency USD USD USD SAR USD SAR SAR USD SAR SAR USD USD USD SAR SAR USD USD USD SAR USD USD SAR USD USD USD USD USD USD USD USD QAR USD USD MYR USD SAR USD USD USD USD BHD USD USD USD USD USD USD MYR BHD USD USD SAR USD USD USD BHD USD SAR USD BHD BHD USD USD USD USD BHD BHD MYR BHD
Offer Coupon Bid Rate Price 3.51% 3.51% 2.79% 3.42% 2.84% 3.42% 3.13% 3.78% 3.43% 3.50% 2.48% 2.41% 6.40% 4.20% 4.03% 7.00% 6.50% 6.50% 3.35% 5.26% 4.97% 3.44% 4.29% 2.55% 4.35% 3.04% 6.27% 3.30% 3.27% 5.00% 6.50% 5.75% 2.73% 5.35% 2.95% 3.32% 2.71% 3.00% 2.10% 4.15% 3.00% 9.00% 9.00% 7.00% 7.00% 2.69% 2.50% 5.50% 4.30% 6.25% 6.25% 3.85% 4.75% 2.95% 4.90% 2.20% 2.67% 3.59% 4.11% 2.20% 2.20% 5.85% 5.15% 4.72% 4.05% 2.20% 2.05% 4.50% 2.30%
99.59 99.59 98.88 99.22 100.72 99.71 100.43 108.75 109.43 98.14 98.14 105.56 97.67 101.63 101.42 103.13 101.54 105.73 101.72 101.67 97.58 100.03 100.49 100.13 99.99 100.97 100.24 101.76 93.97 89.69 89.69 100.22 100.32 100.26 102.37 102.33 101.36 100.32 101.22 100.24 100.38 100.61 100.34 100.26 100.32 -
Bid Yield % 3.64 3.64 3.14 3.10 3.52 2.67 2.31 2.86 3.05 7.35 7.35 2.88 6.06 3.50 1.87 2.70 2.23 3.18 2.34 2.31 7.56 2.81 4.98 2.85 2.82 2.19 1.88 2.46 16.62 20.30 20.30 2.41 2.10 5.15 1.78 1.83 1.69 2.18 1.56 1.83 2.74 1.23 0.91 1.49 0.08 -
Offer Price 100.24 100.24 99.45 99.93 101.29 100.39 100.84 109.42 110.14 99.32 99.32 106.36 98.49 102.20 101.94 103.62 102.08 106.31 102.20 102.16 98.78 100.60 100.49 100.93 100.44 101.37 100.58 102.20 95.45 91.51 91.51 100.65 100.60 100.26 102.61 102.75 101.72 100.72 101.59 100.51 100.75 100.76 100.49 100.43 100.56 -
Offer Rating Yield % (Moody's) 3.43 3.43 2.96 2.87 3.31 2.43 2.15 2.60 2.77 6.81 6.81 2.54 5.67 3.23 1.62 2.44 1.95 2.88 2.07 2.04 6.65 2.39 4.98 2.24 2.46 1.85 1.55 2.04 14.69 17.81 17.81 1.89 1.75 5.15 1.35 1.06 0.89 1.23 0.60 0.88 1.28 0.15 -0.94 -0.57 -2.79 -
A3 A2 Baa3 Baa2 Baa3 A2 A1 A2 Aa2 A3 A2 Baa2 Baa2 Baa1 A2 Baa1 A3 A2 -
Source: Bloomberg
5
Other News: December 2016 Dubai Islamic Economy Development Centre organises workshop ahead of updated strategy Emirates News Agency Qatar's Al Faisal looks at loan options after market lukewarm to sukuk idea- sources Despite slowdown, sukuk market maintains positive outlook – Gulf News Kuwait International Bank named Best Islamic Bank in the GCC by World Finance – Press Release Ezdan Sukuk wins bond/sukuk deal of the year by debut issuer at bonds, loans & sukuk Middle East awards 2016 – Press Release Qatar Islamic Bank not planning another sukuk issue- CFO Islamic Development Bank prices $1.25 billion fixed-rate trust certificates issuance – Press Release Indonesia revises pricing on US dollar bonds - Reuters November 2016 Saudi Murabaha finance scales up expansion plans with global Sharia Advisor - Press Release UAE's Etihad Airways sets pricing guidance for planned 5-year sukuk - Reuters Bahrain's Takaud partnership expands Kuwait's Ahli capital client offerings - Press Release Large Saudi bank cuts money quote; rates may fall back below repo - Reuters Bahrain approaches banks about sukuk sale in Q1 2017 -sources Noor Bank closes $231.5 million Islamic loan for UAE's Ajman Bank – Reuters Pak-Qatar Takaful expands in Pakistan - The Peninsula
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Disclaimer: This report has been prepared by research department in IMG – Oman Arab Bank, and is provided for information purposes only. Under no circumstances is to be used or considered as an offer to sell or solicitation of any offer to buy. While all reasonable care has been taken to ensure that the information contained therein is not untrue or misleading at the time of publication, we make no representation as to its accuracy or completeness and it should not be relied upon as such, and the bank accepts no responsibility whatsoever for any direct or indirect consequential loss arising from any use of this report or its contents. All opinions and estimates included in this document constitute IMG's Research department judgment as of the date of production of this report, and are subject to change without notice. This report may not be reproduced, distributed or published by any recipient for any purpose.
