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Emirates Strategic Investments Issues First Islamic Sukuk for $ 600 Million
The strategic investment company Emirates, owned by His Highness Sheikh Mansour Bin Zayed Al Nahyan, rated Baa3 by Moody's with a stable outlook, has issued the first Islamic Sukuk of $ 600 million worth. dollars over five years with a profit of 3.939% (equivalent to 215 basis points The five-year central bartering rate of the US dollar). The certification was issued as part of the company's $ 1 billion bond program listed on the London Stock Exchange.
Emirates Investments is a strategic investment company.
Sukuk's demand was exceptionally strong, as evidenced by the oversubscription of $ 3.7 billion, or 6.2 times the amount obtained.
More than 135 investors from more than 20 countries participated in the IPO. A total of 61% of Sukuk has been allocated to international investors (Asia 33%, Europe 24%, United States / Off Shore 4%). 39% of the total amount of the issue was allocated to investors from GCC countries.
Given the nature of the investors, the distribution was as follows: 62% investment funds, 25% banks, 9% private banks and 4% central banks and pension funds.
The transaction was adopted as part of a comprehensive marketing plan to provide investors with US dollar denominated markets for global sukuk markets. A delegation from the company's management met with investors in Singapore, Hong Kong, Abu Dhabi, Dubai and London.
Emirates Strategic Investments Company is Abu Dhabi's first private company to enter the global capital markets in 2019, which allows it to take full advantage of the strong demand for fixed income investors. This great success will pave the way for private sector companies in the United Arab Emirates to access global capital markets.
"Emirates Strategic Investments has been established in accordance with the vision and guidance of His Highness Sheikh Mansour Bin Zayed Al Nahyan to contribute to the strategic vision of Abu Dhabi 2030 as well as to others. strategic initiatives in the United Arab Emirates, "said Khalid Diemas Al Suwaidi, managing director of Emirates Strategic Investments. United Arab Emirates.
The issue of sukuk contributes to the development and deepening of capital markets and Islamic finance activities in the country. It also sets standards for other UAE companies. "We are delighted with the success of the Sukuk issue and the exceptional demand from international, regional and local investors, which reflects the UAE's strong position in the international market."
The transaction was led by Abu Dhabi First Bank and Standard Chartered Bank as joint international coordinators. The Arab Banking Corporation, the Islamic Bank of Dubai, Emirates NBD, the leading bank of Abu Dhabi, the National Bank of Bahrain, Standard Chartered Bank and Warba Bank also acted as co-issuers. The law firm Allen & Overy represented the banks legally, as did the international law firm Siemens and Siemens.
Al Baraka Banks and Islamic Bank of Abu Dhabi Sign a Memorandum of Understanding
The Al Baraka banking group and the Abu Dhabi Islamic Bank (ADIB) have signed a memorandum of understanding providing for cooperation between the two institutions and the network of their banking units in the areas of exchange customer referrals and improved processing of customer payments and recoveries.
The memorandum of understanding will allow the Al Baraka banking group and the Islamic bank Abu Dhabi to provide their clients with access to larger markets and cooperation in the areas of mutual payments and collection operations. "We are delighted to be working with ADIB as part of a partnership that is the cornerstone of any future cooperation," said Adnan Ahmed Yousif, chairman and CEO of Al Baraka Banking Group. "We now have many opportunities to explore synergies and new growth channels using digital solutions.
"Al Baraka is the world's leading provider of Shariah-compliant products and this agreement with ADIB will establish a mutual reference platform for clients between the Group and the Bank, leveraging our broad geographic presence and broad client base. This approach is in line with Albaraka Banking Group's strategic direction of greater customer focus.
"The partnership with Al Baraka Group is part of our overall strategy to provide customers with value-added services that can enhance their banking experience," said Mazen Manna, President and CEO of Al Baraka Group. ; ADIB. Increasing the efficiency of our technology-enhanced messaging services, while expanding the geographic network of our services, can bring significant benefits to customers. Our business expansion strategy continues to deliver positive results, which will allow us to support our customers who are looking for a single, large channel to meet their cash management needs in different geographic regions. We look forward to strengthening our partnership with Al Baraka in the years to come. "
Al Baraka Banking Group is an Islamic wholesale bank based in Bahrain. It is present in Jordan, Egypt, Tunisia, Bahrain, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon, Syria, Morocco and Germany.
Direct Abu Dhabi Islamic is a leading digital platform of the Islamic Bank of Abu Dhabi (ADIB), offering access to a range of banking solutions via a unified and user-friendly interface, via a computer or a mobile phone . The platform provides innovative financial solutions in the areas of account management, electronic payments, trade finance and international operations. This is also part of ADIB's long-term digital transfer strategy to improve its banking services and operations.
Savola will raise 1 billion SAR thanks to the issuance of sukuk
Saudi Savola Group raised 1 billion RS by issuing Islamic bonds denominated in Saudi Riyals and offering a special offer, organized through the Saudi branch of HSBC.
The sukuk yield reached Tuesday 160 million on the website of the Saudi stock exchange, The maturity period is 7 years.
Savola stated that the issue was oversubscribed by paying investors a cash amount of 493 million SAR, representing 49.3% of the value of the issue, the remainder of the issue value being subscribed by the through the exchange of sukuk with As follows:
– Reimbursement and exchange of 507 sukuk of previous instruments and termination of their negotiations on July 9, 2019 ("Recovered Instruments") worth RS 1 million per instrument (nominal value of the instrument for repayment) and 507 million SR for all sukuks,% of the total value of the previous Sukuk.
As a result, the nominal value of the previous Sukuk rose from 1,500,000,000 to 993,000,000 RS.
Savola has designated HSBC Saudi Arabia as the entity responsible for the issuance process, including the process of repurchasing and using the value of sukuk recovered from the previous Sukuk directly for the purchase of Sukuk (Mubadala).
It should also be noted that the value of subscription applications exceeded 1.6 times the value of the problem.
The group announced in May that it plans to issue bonds to meet its financial and strategic needs.
This comes after Saudi Arabia reduced its new bond issue fees and new fees to boost domestic debt activity.
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