IslamicFinance.de

Mohammed Abbas and John Irish, reported on Gulf News (Reuters) on 9 March about the Sukuk market tendencies driven by sellers issuing in local currencies at low rates. The fallen LIBOR rates due to Federal Reserve policy are above off-setting for the increased margins asked for credit clients.

Local currencies are in favour as long as speculation is around about reevaluation of the dollar peg - this also limits the foreign demand for Sukuk and exposure to Gulf credit markets. Local currency Sukuk are relying on the GCC internal demand for such paper.

Source: http://archive.gulfnews.com/business/money/10212004.html

Mohammed Abbas reported on Arabian Business on 27 April that state-owned Nakheel, developer of three palm-tree shaped islands off Dubai's coast, set price guidance for the 2-year USD 1 bn Sukuk Al Ijara at 225 to 250 basis points above the Emirates Interbank Offered Rate (Eibor). The Sukuk will be denominated in Dirham. 3-month Eibor is at about 1.92 %, according to data from newswire Reuters. Date for sale is not yet set.

Dubai Islamic Bank, JPMorgan Chase & Company and Dubai-based Emirates NBD are Arrangers.

Kar Tung Quek is Nakheel Chief Financial Officer (CFO).

Source: http://www.arabianbusiness.com/517621-nakheel-sets-1bn-bond-price-guiden...