Tagged: Bloomberg

Saudi Civil Aviation Hires HSBC, NCB, StanChart for Sukuk

Islamic Finance

Saudi Civil Aviation Hires HSBC, NCB, StanChart for Sukuk

<p>Saudi Arabia&rsquo;s General Authority of Civil Aviation hired three banks for a local-currency sukuk. The Saudi Arabian affiliate of HSBC Holdings Plc (HSBA), National Commercial Bank&rsquo;s investment banking unit and Standard Chartered Plc will manage the sukuk sale. NCB Capital and Standard Chartered bid jointly for the mandate. It was not specified how much the authority sought to raise, neither was the timing of the sale. GACA said last year it plans to issue a second tranche of notes to fund an airport expansion in the Saudi capital, Riyadh. The company sold Islamic debt last year at 2.5 percent and used proceeds to finance an airport expansion in the Red Sea port city of Jeddah.</p>
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<p><a href="http://www.bloomberg.com/news/2013-06-11/saudi-civil-aviation-said-to-pick-hsbc-ncb-stanchart-for-sukuk.html" title="http://www.bloomberg.com/news/2013-06-11/saudi-civil-aviation-said-to-pick-hsbc-ncb-stanchart-for-sukuk.html">http://www.bloomberg.com/news/2013-06-11/saudi-civil-aviation-said-to-pi…</a></p>
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Goldman Breaks Drought With Saudi Property Bond: Islamic Finance

Islamic Finance

Goldman Breaks Drought With Saudi Property Bond: Islamic Finance

<p>Goldman Sachs Group Inc. (GS) led its first sukuk in more than three years after helping a Saudi property developer raise $450 million. The bank was a lead arranger on Dar Al Arkan Real Estate Development Co. (ALARKAN)&rsquo;s sukuk on May 21, reforging links with the Riyadh-based real estate company after helping arrange the sale of its $450 million five-year bonds in February 2010. The New York-based bank is seeking to catch up with U.S. competitors as demand accelerates for securities that conform to Islamic principles. Increased competition in the industry could work in banks&rsquo; favor, as lower fees increase the chances borrowers will come to market and more banks means a greater profile for the Islamic industry.</p>
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<p><a href="http://www.bloomberg.com/news/2013-06-05/goldman-breaks-drought-with-saudi-property-bond-islamic-finance.html" title="http://www.bloomberg.com/news/2013-06-05/goldman-breaks-drought-with-saudi-property-bond-islamic-finance.html">http://www.bloomberg.com/news/2013-06-05/goldman-breaks-drought-with-sau…</a></p>
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Pilgrim Funds Give Indonesia Banks Booster Shot: Islamic Finance

ASIA / Islamic Finance

Pilgrim Funds Give Indonesia Banks Booster Shot: Islamic Finance

Indonesia’s plan to shift 11 trillion rupiah ($1.1 billion) of pilgrim’s savings into Shariah- compliant lenders is a booster-shot that will help narrow the gap with neighboring Malaysia. Deposits set aside by those planning a Hajj visit to Mecca in Saudi Arabia will be shifted by the Ministry of Religious Affairs from non-Islamic banks within a year of announcing the policy. The funds are equivalent to 7.3 percent of the 150.8 trillion rupiah in savings at Islamic lenders, less than a sixth of Malaysia’s 310 billion ringgit ($102 billion). The entire Hajj fund totaled 55 trillion rupiah in March, with about 35 trillion rupiah invested in non-tradable sovereign sukuk and 9 trillion rupiah already placed at Islamic lenders.

Khazanah Said to Pick 3 Banks for $1 Billion Convertible Sukuk

ASIA / Islamic Finance

Khazanah Said to Pick 3 Banks for $1 Billion Convertible Sukuk

Khazanah Nasional Bhd., Malaysia’s state investment company, selected CIMB Group Holdings Bhd. (CIMB), Deutsche Bank AG (DBK) and Standard Chartered Plc (STAN) to help arrange a sale of $1 billion of convertible Islamic bonds. Khazanah could raise $500 million to $1 billion, though a final decision on whether to proceed has yet to be made. The sukuk would be exchangeable into shares of companies controlled by Khazanah. No decision has been made on which companies’ shares would back the Islamic bond.

Aljazira Capital Hires Jaouni as Institutional Brokerage Head

Islamic Finance

Aljazira Capital Hires Jaouni as Institutional Brokerage Head

Aljazira Capital Co., the investment arm of Saudi Arabia’s Bank Al-Jazira (BJAZ), hired Samer Al-Jaouni as head of institutional brokerage and assistant general manager. He will start at the bank after regulatory approval. Aljazira Capital is one of about 30 brokerages in Saudi Arabia.

EFG-Hermes Says QInvest Takeover Delayed by Regulators

Islamic Finance

EFG-Hermes Says QInvest Takeover Delayed by Regulators

EFG-Hermes Holding SAE (HRHO) said its sale to Qatar’s QInvest LLC has been delayed because of regulatory approvals. This is because the Egyptian Financial Supervisory Authority hasn’t yet approved the transfer of EFG-Hermes’ Egyptian assets to the new, Qatari-based entity. QInvest will invest $250 million in the venture, with the option to buy total ownership.