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Jordan, IDB, Perusahaan Listrik Plan Sales: Islamic Bond Alert

The following borrowers are expected to sell Islamic bonds, which use asset returns to pay investors to comply with the religion’s ban on interest.

Global sales of so-called sukuk fell 26 percent to $6.3 billion so far this year, according to data compiled by Bloomberg. Issuance totaled $20.2 billion last year, up from $14.1 billion in 2008.

NATIONAL BANK OF ABU DHABI PJSC: The United Arab Emirates’ second-largest lender by assets, plans to sell about 500 million ringgit ($157 million) of five-year sukuk in Malaysia as early as this month, the Malaysian Business Times reported. HSBC

JORDAN: Jordan may sell conventional or Islamic bonds internationally to help the government with its finances and

INDONESIA: The Southeast Asian country plans to sell as much as $650 million of Islamic bonds in October, having scaled back and delayed an original proposal to raise $750 million in July. The government may pick three of 11 shortlisted foreign investment banks as joint lead managers for the sale, said Dahlan Siamat, the ministry’s director of Islamic financing. Indonesia also plans to sell rupiah-denominated sukuk to individual investors in the first quarter of next year, he said.

ISLAMIC DEVELOPMENT BANK: The Jeddah-based bank plans to raise $1 billion from the sale of Islamic bonds to finance projects in member countries, the Saudi Press Agency reported, citing President Ahmed Mohammed Ali. The bank is currently

PT PERUSAHAAN LISTRIK NEGARA: Indonesia’s state utility company plans to sell 500 billion rupiah ($55 million) of

CAGAMAS BHD.: The Malaysian national mortgage company hired Al-Rajhi Bank and RHB Capital Bhd. to help it sell around 1 billion ringgit of Islamic bonds this month, according to people familiar with the plan. The Kuala Lumpur-based company is developing a new type of sukuk acceptable to investors in the Middle East, Chief Executive Officer Steven Choy said last month.

AHMED SALEM BUGSHAN GROUP: The Saudi Arabia-based company, known as ASB, plans to raise as much as $100 million selling five-year Islamic bonds to fund projects including a mega-steel plant and a real-estate development, the Arab News reported on its website, citing Mohamed H. Zakaria, senior vice president of the group. The bond will offer a semi-annual return of 125 basis points over Libor, the rate banks charge each other on loans,

KHAZANAH NASIONAL BHD.: Malaysia’s state investment agency may raise as much as S$500 million ($353 million) selling Singapore dollar-denominated Islamic bonds to help fund its offer to double its stake in hospital operator Parkway Holdings Ltd., according to two people familiar with the plan. The sale

MALAYSIA AIRPORTS HOLDINGS BHD.: The state-controlled airport operator may sell ringgit- or dollar-denominated bonds to meet its funding needs, it said in a stock exchange filing. The company may sell 1 billion ringgit of sukuk and $500 million of conventional bonds to fund its second low-cost airport

QATAR ISLAMIC BANK SAQ: The Gulf state’s biggest Shariah-compliant bank plans to sell as much as $750 million of sukuk in the second half, Chief Executive Officer Salah Mohammed Jaidah

SAUDI ELECTRICITY CO.: The Arab world’s largest utility company may issue global sukuk bonds in 2011 after April’s sale

CAHAYA JAUHAR SDN.: The unit of Malaysian developer UEM Land Bhd. plans to sell 114 million ringgit of Islamic bonds, according to a statement from RAM Holdings Bhd., a Malaysian rating service company. RAM assigned a preliminary rating of AAA, its highest, to the bond. Proceeds will be used to repay loans and pay contractors and suppliers working on the first phase of the project, RAM said.

GENERAL ELECTRIC CAPITAL CORP.: The unit of General Electric Co. plans to issue its second Islamic bond in late 2010 or 2011, Reuters reported, citing Aris Kekedjian, chief

NAKHEEL PJSC: The property unit of Dubai World, which is restructuring $10.5 billion of debt, plans to sell Islamic bonds that will give an annual return of 10 percent to trade creditors, two people familiar with the proposal said in April. The deal is conditional on trade creditors representing at least 95 percent of the value of all claims agreeing to the deal. On May 13, the company reached agreement with trade creditors for more than 50

QATARI DIAR REAL ESTATE INVESTMENT CO.: The Qatari developer may raise $1.5 billion selling 10-year conventional bonds and five-year Islamic securities, said a person familiar with the plan. HSBC Holdings Plc and Barclays Capital are among

LUXEMBOURG: The country is considering selling Islamic

SUDAN: Sudan expects to raise $300 million selling Islamic bonds by the end of this year to fund development projects,

KENCANA PETROLEUM BHD.: The Malaysian oil and gas contractor plans to sell 250 million ringgit of Islamic bonds to help finance vessel purchases. State bond insurer Danajamin

WAHA CAPITAL PJSC: The Abu Dhabi-based investment and leasing company said its shareholders approved a plan to issue mandatory convertible bonds or sukuk worth 1 billion dirhams

VTB BANK OJSC: VTB Bank plans to sell Islamic bonds worth about $200 million in the second half of the year, Reuters

EMIRATES INTEGRATED TELECOMMUNICATIONS CO.: The Dubai-based phone operator known as Du,, may consider selling Islamic bonds

PAKISTAN: Pakistan plans to sell Islamic bonds in the local debt market in the next three months to help plug its budget deficit, said Asad Qureshi, executive director of financial markets and reserve management at the central bank. The country also may sell $500 million of global sukuk in the coming months,

AXIATA GROUP BHD.: Southeast Asia’s second-biggest mobile phone operator plans to sell between 1 billion ringgit and 1.5

LAFARGE MALAYAN CEMENT BHD.: Malaysia’s largest cement maker plans to sell as much as 350 million ringgit of Islamic bonds under a seven-year program to fund expansion, the company said March 26. The debt is rated AA2 by RAM Rating Services Bhd.,

SAUDI ARABIAN OIL CO.: Saudi Aramco, the world’s largest state-owned oil company, and Total SA expect to raise $8 billion in debt financing for a joint refinery and petrochemical project in the “coming months,” according to Saleem Shaheen, chief executive officer of Saudi Aramco Total Refining and

KAZAKHSTAN: Kazakhstan has drafted a bill to allow it to sell Islamic bonds this year for the first time, Finance Minister Bolat Zhamishev said. The funds will be used to help

LEBANON: Lebanon may sell Islamic bonds in 2011, according to the central bank in February. The country has more than $2 billion of dollar-denominated debt maturing this year, according

KUVEYT TURK KATILIM BANKASI AS: The Islamic lender owned by Kuwait Finance House KSC plans to sell sukuk worth between $100 million and $150 million, Sabah newspaper reported, citing Chief Executive Officer Ufuk Uyan. The bonds will be based on the

THAILAND: The government plans to sell as much as 50 billion baht ($1.5 billion) of Shariah-compliant debt to help finance its infrastructure projects, according to state-owned Islamic Bank of Thailand, which will help arrange the sale. The

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