Dubai Electricity & Water Authority

Sukuk advance to record on thirst for yield: Islamic finance

Global Islamic bonds are poised to extend gains after climbing to a record this week, buoyed by Asian economic growth and a pickup in Persian Gulf issuance.
Dubai Electricity & Water Authority, the government run utility, sold $2 billion of non-Islamic senior unsecured debt yesterday in its largest dollar denominated bond sale.
Islamic Development Bank, a Jeddah based multilateral lender, plans to sell $1 billion of bonds this quarter under a $3.5 billion sukuk program, Vice President Abdul Aziz Al Hinai said August 24. Saudi Arabian Oil Co, based in Dhahran, Saudi Arabia, and Total SA, based in Paris, plan to sell $1 billion in sukuk this year, Simon Eedle, global head of Islamic banking at Credit Agricole SA, the lead arranger of the sale.

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