Emirates NBD

#Dubai: #Meraas Holding has #issued $400 million #sukuk –sources

Meraas Holding, a real estate developer in Dubai owned by the UEA government, issued a $400 million sukuk last week. It was sold privately to a select group of investors, according to sources. The Islamic bond has a five-year maturity and is at par with a 5.112 % yield on May the 26th and traded at one to 1.5 points above par shortly after that. Emirates NBD, Noor Bank and Standard Chartered jointly coordinated the transaction and served as bookrunners along with Dubai Islamic Bank, Sharjah Islamic Bank and Warba Bank.
Meraas is the parent company of the leisure and entertainment company DXB Entertainment, which owns 4 theme parks and a water park in UAE capital. It has been said, that a new entity has been set up which will manage billions of dollars of development projects for Meraas Holding and Dubai Holding. Dubai Holding is the investment vehicle of Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum. Raed Kajoor Al Nuaimi, formerly chief executive of DXB Entertainment, has been appointed to lead the new management company.

Bids for record-breaking #Saudi debut #sukuk cross $33bln

Saudi Arabia saw bids of $33 billion (Dh121.11 billion) for its record-breaking debut sukuk issue. The issue size of the sukuk could likely be $8 billion, spread across $4 billion each for the 5 year and 10 year tranche. The sukuk was priced at 100 basis points over mid-swaps for the 5-year tranche, and 145 basis points over mid-swaps for the longer dated issue. Anita Yadav, Senior Director of Global markets and treasury at Emirates NBD, said the yield on Saudi sukuk is likely to be attractive on relative value basis, which would appeal to the yield hungry international investor. Analysts expect larger institutions like Aramco or SABIC to take advantage and come the market. On an yearly basis, Emirates NBD expects $20 billion worth of issuance from Saudi Arabia including issues from the government, and state-run enterprises, banks and corporates.

Emirates #RealEstate #Fund procures AED 700 million Shari’ah compliant finance facility

The #UAE-based Emirates Real Estate Fund (EREF) has procured a AED700 million ($190.6 million) Shari’ah compliant finance facility with Emirates NBD. CEO of Emirates NBD Asset Management Tariq Bin Hendi said the facility would enable the bank to complete strategic acquisitions to boost the value of the fund. Over the last 24 months the fund has invested over $163 million in real estate acquisitions including Binghatti Terraces in Dubai Silicon Oasis, Arabian Oryx House in Al Barsha Heights, part of Burj Daman Office Tower in the DIFC and a residential building in Remraam, Dubailand. The partially undrawn facility is a five-year, profit-only Mudharabah facility with a 10% repayment of principal in its fourth year.

Emirates NBD launches #edutainment mobile simulation game to promote financial literacy

Emirates NBD has launched the new edutainment mobile simulation game Banki in its efforts to promote financial literacy in the #UAE. Banki will target the country’s youth to become economically aware at a young age and consider careers in the banking and financial services sector. Banki allows users to play five engaging games that help them understand the concept of savings, trading, simple financial transactions and digital banking. They can learn about the basics of banking products, financial services, stock markets, economics and additional topics aligned to the Ministry of Education’s curriculum. Husam Al Sayed, Chief Human Resource Officer at Emirates NBD said the launch of Banki aims to communicate the benefits of being financially literate to the next generation of customers. Available on both the Google Play and Apple stores, the edutainment game can be downloaded for free and can be used by registering with an email ID.

Fitch affirms EI Sukuk's updated programme at 'A+'

Fitch Ratings has affirmed EI Sukuk's updated $2.5 bn certificate issuance programme's 'A+' rating on the basis of the final programme documents received. The Outlook on the IDR is Stable. The rating on the current outstanding certificates is driven by Emirates NBD's (ENBD) Long-Term IDR of 'A+'/Stable. This is due to the Sukuk structure where ENBD, as the guarantor, provides a direct and unconditional guarantee of EI's Sukuk obligations under the transaction documents.

GCC banks to seek regional opportunities for expansion

Banking and financial services sectors in the GCC are actively seeking opportunities beyond their borders triggering a number of cross border mergers and acquisition deals in recent years.
Domestic markets focus of GCC banks has limited the scope for expanding their business. While this has benefited local banks in increasing their banking penetrations in the economies that they are based in significantly, it did take away from the potential to grow outside their boarders and broaden their geographic reach. This is an important point particularly as domestic markets will have limits to their potential. Expanding beyond their borders is one channel for GCC banks to add value to their business models.

Albaraka Turk gets feedback in 10 % area for capital-boosting sukuk -sources

Turkish Islamic bank Albaraka Turk has received initial pricing feedback in the 10 % area for a potential U.S. dollar-denominated sukuk issue which would bolster its supplementary or Tier 2 capital, sources familiar with the matter told Reuters on Thursday.
The lender has received indications of interest totalling over $250 million, including those from joint lead managers, for the ten-year non-call five sukuk, the sources said. A potential deal is expected early next week subject to market conditions, they said.
Albaraka Turk, a unit of Bahrain-based Al Baraka Banking Group, has chosen Barwa Bank, Dubai Islamic Bank, Emirates NBD, Nomura, Noor Bank, Standard Chartered and QInvest to arrange the sukuk issue.

Kuveyt Turk says mandates banks for sukuk

Turkish Islamic bank Kuveyt Turk has mandated six institutions for a sukuk with a value of up to $400 million with a maturity of 10 years, it said in a statement to the Istanbul stock exchange late on Thursday.
Kuveyt Turk Participation Bank, which is 62 percent owned by Kuwait Finance House, said it had mandated KFH Capital, Dubai Islamic Bank, HSBC, Noor Bank, QInvest and Emirates NBD as joint lead managers. Sources familiar with the matter told Reuters in September that seven banks had been picked to arrange a potential deal.

Dubai's Sunrise Properties raises $140 mln in Islamic loan deal

Sunrise Properties has secured a 515 million dirham ($140.22 million) Islamic loan for the development of a luxury hotel project, banking group Emirates NBD, the main arranger of the deal, said. Emirates NBD, joined by Doha Bank, are providing the money to finance the Emerald Palace Kempinski Hotel project on Dubai's Palm Jumeirha group of islands. The tenure and margin on the murabaha-structured loan were not disclosed. Bank lending to real estate sector remains buoyant, with credit to the construction and real estate sector totalling 216.2 billion dirhams in the second quarter of this year from 210.6 billion dirhams in the year ago period.

Investment Corp. of Dubai Said to Seek $500 Million Loan

State-owned Investment Corp. of Dubai is reportedly raising a $500 million loan. The facility will be provided by Emirates NBD and Dubai Islamic Bank. The money will fund the expansion of its Atlantis, The Palm resort in Dubai. ICD and Kerzner International Holdings, a developer and operator of destination resorts and luxury hotels, plan to spend $1.4 billion to build The Royal Atlantis Resort and Residences. The development on Dubai’s man-made island will add nearly 800 guest rooms and 250 luxury residences. ICD acquired Atlantis, The Palm from Dubai World in December 2013.

Dubai Islamic Bank picks arrangers for potential tier 1 sukuk

Dubai Islamic Bank said on Tuesday it picked eight banks to arrange fixed income investor meetings from Thursday for a potential benchmark size dollar-denominated capital-boosting sukuk issue. These banks, as well as Al Hilal Bank, Emirates NBD, National Bank of Abu Dhabi, Noor Bank, Sharjah Islamic Bank will arrange the roadshows. The meetings will be held in Asia, the Middle East, and Europe and a sukuk transaction which enhances its Tier 1, or core, capital may follow subject to market conditions.

lydubai in sukuk talks

Low-cost carrier flydubai is in talks with its advisers for a potential bond issuance. Earlier reports citing unnamed sources, Dubai’s low cost airline had mandated seven banks — Credit Agricole, Dubai Islamic Bank, Emirates NBD, HSBC, National Bank of Abu Dhabi, Noor Bank and Standard Chartered — to arrange a potential debut sukuk issue

Emirates NBD becomes a global leader in arranging US dollar sukuk

Emirates NBD has announced that its Investment Bank is ranked as the leading arranger of US dollar denominated sukuk globally. According to league tables published by Bloomberg, from January 2014 to June 2014, Emirates NBD Investment Bank arranged 10 dollar sukuk issuances aggregating to $5.4 billion, which is the highest number of dollar denominated sukuk issuances led by any arranger during this period. This achievement is the latest in a series of recognitions for Emirates NBD Investment Bank, which has also recently been named the “Best Regional Bank of the Year” by IFR Middle East (Thomson Reuters) and “Best Debt House” by EMEA Finance.

Saudi Tasnee gets $1.06bn Islamic loan

Saudi Arabia's National Industrialization Company (Tasnee) has signed a sharia-compliant loan facility worth SR4 billion ($1.06 billion) with seven Saudi banks and Emirates NBD. The Saudi banks which contributed are Riyad Bank, Al Rajhi Bank, Bank Al Bilad, Saudi British Bank, Samba Financial Group, Banque Saudi Fransi and Saudi Investment Bank. The financing, signed on Sunday, will be repaid in eight years including a one-year grace period. The loan, which was covered 1.5 times, will finance the company's stakes in future projects and refinance existing loans.

Dubai Duty Free Names Banks To Arrange $750m Expansion Loan

Dubai Duty Free (DDF) has picked Abu Dhabi Commercial Bank, Emirates NBD, and Standard Chartered to arrange a $750 million loan to fund the company’s expansion at the world’s second-busiest airport and improve its capital structure. DDF’s new dollar-denominated transaction will be priced at 225 basis points (bps) over the London interbank offered rate (Libor). This is 25 bps inside the revised pricing on the dollar tranche of the previous loan. No lifespan for the facility, which will be arranged. The loan is structured so that banks can commit to either a conventional tranche or one compliant with Islamic principles.

Dubai to issue 10-yr dollar sukuk Tuesday - leads

The Government of Dubai mandated five banks to arrange a benchmark-sized, dollar-denominated Islamic bond which is expected to price on Tuesday in the low four percent area. The mandated banks to arrange the deal are Dubai Islamic Bank, Emirates NBD, HSBC Holdings, National Bank of Abu Dhabi and Standard Chartered.

Emirates NBD surges after profit forecast of Islamic finance unit

Emirates NBD surged after the forecast of its Islamic unit that profits would double. The stock gained 6.4% reaching Dh3.31 a share, which is the biggest increase since April 2011. On Wednesday, about 1.3 million shares were traded, which is three times the three-month daily average. The stock is said to be the biggest gainer on the Dubai Financial Market General Index. Emirates Islamic Bank will look for ways to boost net income to Dh150 million this year increasing it from Dh80m in 2012.

UAE banking reforms: chip and pin debit card switch delayed

The Central Bank has postponed the implementation of three most important reforms regarding the security of chip and pin debit cards. According to the National Bank of Abu Dhabi and Emirates NBD, the emirate's banks are not yet ready to implement the new security standards to protect clients against card fraud.

Tamweel postpones sukuk

Tamweel took the decision to delay the sale of a $235 million Shariah-compliant asset-backed securitisation after receiving feedback from the market. It seems that the deal structure was too complex by regional standards, which has only ever seen one previous Islamic asset-backed transaction.
Lead managers on the deal were: Abu Dhabi Commercial Bank, UBS and Emirates NBD.

Good demand prompts DIB to launch sukuk

It seems that Dubai Islamic Bank has issued a $500 million (Dh1.8 billion), five-year sukuk sale after gaining good request.
Helping arrange the Regulation S transaction, after DIB met fixed-income investors in Asia, Middle East and Europe over the past few days, are: Deutsche Bank, DIB, Emirates NBD, HSBC and National Bank of Abu Dhabi.
Fitch Ratings assigned to DIB's $2.5 billion trust certificate issuance program a ‘A 'expected rating.

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