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 23 percent to $6.48 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.
PAKISTAN: Pakistan plans to sell sukuk in the domestic market for the first time in two years to fund its budget deficit, a spokesman for the central bank said. The State Bank of Pakistan will offer the Shariah-compliant debt in the first quarter of the fiscal year that starts July 1, and details will be announced this month, Syed Wasimuddin said. The Islamic republic plans to sell 35 billion rupees ($409 million) of sukuk
TURKEY: Turkey will consider selling yen-denominated bonds or Islamic securities as it seeks to reduce its reliance on dollars for public financing, said Emre Balibek, the Treasury’s deputy general director for public finance. He didn’t provide
AXIATA GROUP BHD.: Southeast Asia’s second-biggest mobile-phone operator plans to sell as much as 4.2 billion ringgit
JORDAN: Jordan may sell conventional or Islamic bonds internationally to help the government with its finances and take advantage of low borrowing costs, Finance Minister Mohammad
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 will also sell rupiah-denominated sukuk to individual investors in the first quarter of 2010, part of its plans to
PT PERUSAHAAN LISTRIK NEGARA: Indonesia’s state utility company plans to sell 500 billion rupiah ($55 million) of
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
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, 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 more than six-month Libor, the rate banks charge each
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 will sell 250 million ringgit of Islamic bonds this year to help finance vessel purchases. State bond insurer
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
LAFARGE MALAYAN CEMENT BHD.: Malaysia’s largest cement maker will sell as much as 350 million ringgit of Islamic bonds under a seven-year program to fund expansion, the company said
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