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Dubai’s Nakheel plans creditor sukuk issue by end-April: chairman

By Matt Smith / Reuters DUBAI: The second tranche of a sukuk from Dubai’s Nakheel will be 240 million dirhams ($65 million) in size, less than a quarter of the expected value, after the property developer persuaded trade creditors to accept a huge discount on their original claims. Nakheel will issue further tranches, a spokeswoman said, …


Tighter spreads to drive sukuk issuance: HSBC

By Bernardo Vizcaino / Reuters DUBAI: Issuance of Islamic bonds will be stimulated by a tightening of yields versus conventional bonds as banks chase a finite amount of quality sukuk instruments, HSBC’s Islamic arm Amanah said on Tuesday. HSBC has previously forecast global sukuk volume of $44 billion in 2012, up from $26.5 billion last year. …


UK fund launches groundbreaking equity sukuk

By Bernardo Vizcaino / Reuters DUBAI: London-based Ethical Asset Management has launched what it calls the world’s first “investment sukuk”, aiming to resolve a major area of controversy in Islamic finance by treating the vehicle as an equity instrument rather than as a bond. The firm aims to raise 200 million pounds ($318 million) through the …


Saudi Electric may go for long sukuk tranche

By Mala Pancholia / Reuters DUBAI: Massive demand for Saudi Electricity Co’s (SEC) first international sukuk issue may prompt the company to include a rare long-dated tranche — and could encourage issues by other utility companies in the Gulf. Since last week, roadshows held by SEC in Asia, the Middle East and Europe have underlined the …


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