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Islamic Finance Information Service <825366.1357449625@ems.euromoneyplc.com> Date: Tue, May 7, 2013 at 6:03 AM
Subject: Data analysis: Big month for Saudi sukuk as Malaysia heads to the polls
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kantakji@gmail.com" <
kantakji@gmail.com>
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| May 6, 2013
| Big month for Saudi sukuk as Malaysia heads to polls Research by Mahinaz El Aasser April's global sukuk issuance kept to the $8bn to $11bn monthly range seen so far in 2013 - a fairly consistent ballpark given the wide variance to which the market is accustomed. Sukuk in April reached just under $8.8bn, compared to $9.8bn in March, showing an 11% drop. The month was, however, up 75% on April last year, which was marked as the lowest month of 2012 in terms of sukuk volume.
Saudi Arabia came close to taking the lead for sukuk issuance over the month by obligor, with Malaysian volume again in decline amid political uncertainty ahead of May 5's closely contested general election. The month started with Sadara Basic Services' $2bn musharaka sukuk, which will be used in setting up the world's largest integrated chemical facilities – Sadara complex. The sukuk received decent local demand and was oversubscribed 2.6 times. Saudi Arabia was bullish this month and borrowers issued three more sukuk, although - unlike Sadara's domestic sale - these were domiciled in Cayman Islands and Malaysia. Saudi Electricity Company brought a $2bn dual tranche sukuk on April 8 with different maturities; 2023 and 2043. The longer tranche set a new tenor record for a benchmark international sukuk and was priced at a coupon rate of 5.06%, compared to 3.47% for the 10 year maturing tranche. Later in the month, Al Bayan opened up the international market in a different way when it issued the first ringgit sukuk from a Saudi company. Al Bayan started a MR1bn sukuk wakalah programme and issued its first tranche on the April 24, worth MR200m ($64.43m).
 
April witnessed a new entrant from Indonesia - PT Tiga Pillar Sejahtera Food Co. The borrower issued a Rp300bn ($30.69m) ijara sukuk. The month also saw the comeback of Kuwait, which had not seen a sukuk issuer since April 2007. Yusu A. Alghanim & Sons Co. brought a dual tranche sukuk al istithmar with a total worth KD12.5m with different maturities. The issue size, which is small compared to the benchmark GCC deals the market is used to, is considered more of a test by Rasameel Investment Bank, which wanted to check the market's response to this type of sukuk. Saudi's nearest competitor, the UAE, showed up with only $500m of wakala sukuk issued by Sharjah Islamic Bank under its $1.5bn trust certificate issuance programme. Three of Saudi's four deals lead the table for the top ten sukuk issued in April.
Despite the slightly lower overall volumes, there were plenty of optimistic signs coming through that the sukuk market is continuing to gain momentum in its growth. Following Bank Asya's successful issuance in March, AlBaraka Turk and Turkiye Finans both issued dollar deals. These don't make it into the IFIS monthly figures for April as both came right at the end of the month and their official closing dates (which IFIS uses to compile the Sukuk Database) fall in May. Turkiye Finans closed on Wednesday and priced at 3.95% while AlBaraka Turk priced at 7.75%. Agaoglu Group also announced plans to issue $2bn of sukuk. In the MENA region, Tunisia is considering its TD1bn in the second half of 2013. In Egypt, Al Azhar requested several changes on the sukuk bill, although giving a general approval. Al Azhar asked for amendments to nine articles out of 30, but however gave a final nod this week to the Shura Council. Having passed this hurdle, it is expected that Egypt will proceed with its sukuk issuance with the aim of supporting its economy. | | | | |
This communication is from Euromoney Institutional Investor PLC, a company registered in England and Wales under company number 954730 with registered office at Nestor House, Playhouse Yard, London EC4V 5EX, UK. |
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