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Kuveyt, Islamic Development Bank 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 sukuk fell 13 percent to $10.1 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.

KUVEYT TURK KATILIM BANKASI AS: The Turkish Islamic lender owned by Kuwait Finance House KSC plans to issue more than $100 million of five-year Islamic bonds in 2012 after a similar size sale in August that was the first in the nation since regulators

MMC CORP.: The Malaysian ports and railway builder said its 70 percent-owned Pelabuhan Tanjung Pelepas Bhd. plans to sell sukuk under its 1.5 billion ringgit ($477 million) of 10-year Islamic Medium-Term Note program to fund the development of the

ISLAMIC DEVELOPMENT BANK: The Jeddah-based multilateral lender plans to sell $1 billion of five-, seven- and 10-year sukuk in the fourth quarter under its $3.5 billion Medium-Term Note program to fund development projects in its member countries, Vice President Abdul Aziz Al Hinai said. Malaysia’s CIMB Group Holdings Bhd. and four international banks will manage the sale of the bonds, which will be listed in London and

ALBARAKA BANKING GROUP: The Bahrain-based group is planning to sell $200 million of Islamic bonds before the end of the year,

PADIBERAS NASIONAL BHD.: Malaysia’s sole rice importer, plans to sell as much as 750 million ringgit of sukuk, according to RAM Rating Services Bhd., which rated the proposed Islamic

CAGAMAS BHD.: Malaysia’s national mortgage company plans to sell Islamic bonds under its 5 billion ringgit sukuk program, said Chief Executive Officer Steven Choy. It issued 1 billion ringgit under the project on Aug. 18, according to a statement by the company. The sale was managed by Al Rajhi Banking &

INDONESIA: The government plans to sell global Islamic bonds in the first half of 2011, Rahmat Waluyanto, head of the Finance Ministry’s Debt Management Office, said in Jakarta on

MALAYSIA AIRPORTS HOLDINGS BHD.: The state-controlled airport operator hired CIMB Group Holdings Bhd. and Citigroup Inc. as lead arrangers for a planned sale of as much as 3.1 billion ringgit of Islamic bonds, said Chief Financial Officer

KONSORTIUM LEBUHRAYA UTARA-TIMUR: The owner of the Duta-Ulu Kelang Expressway in Malaysia plans to sell as much as 780 million ringgit of senior Islamic bonds and a junior sukuk of up to 50 million ringgit, the Business Times reported, citing an unidentified person familiar with the plan. The company has

KAZAKHSTAN: The former Soviet republic that last sold debt overseas in 2000, is planning a debut Islamic bond sale this

Philippines: State-owned Al-Amanah Islamic Bank is looking to sell the nation’s first Islamic bonds, the lender’s President

AMISLAMIC BANK BHD.: The Shariah-compliant unit of Malaysia’s AMMB Holdings Bhd. received the Securities Commission’s approval for its 3 billion ringgit Islamic notes program, it said in a stock exchange filing. RAM Rating Services,

THAILAND: The Islamic Bank of Thailand, the nation’s only bank to comply with Shariah law’s ban on interest, plans to sell 5 billion baht ($159 million) of Islamic bonds by the fourth quarter to expand lending. The sukuk will be offered to local

PAKISTAN: The South Asian country plans to sell sukuk maturing in a year or less in the domestic market in the quarter ending September, said Syed Wasimuddin, a spokesman for State Bank of Pakistan, the nation’s central bank. The Islamic republic plans to sell 35 billion rupees ($408 million) of sukuk

TURKEY: Turkey will consider selling yen-denominated bonds or Islamic securities as it seeks to reduce reliance on dollars for public financing, said Emre Balibek, the Treasury’s deputy general director for public finance. He didn’t provide details.

JORDAN: Jordan may sell $500 million of conventional or Islamic bonds internationally to help the government with its finances and take advantage of low borrowing costs, Finance Minister Mohammad Abu Hammour said, without specifying the size

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, Mohamed H. Zakaria, senior vice president of the group, said in an e-mailed statement. The bond will offer a semi-annual return of 125 basis points more

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 in 2011 after April’s sale of 7

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 creditors representing at least 95 percent of the value of all claims agreeing to the deal. On May 13, the company reached agreement with creditors for more than 50 percent of the

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 expects 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

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

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