Yinson Holdings Bhd’s wholly-owned subsidiary, Yinson Production (West Africa) Pte Ltd successfully converted conventional debt into a sharia-compliant format through the company’s maiden Islamic transaction, the proceeds of which were used to finance the conversion of existing facilities into a floating production, storage and offloading unit (FPSO).
The deal was the largest ever syndicated Kuwaiti Dinar financing in the country. NBK acted as Coordinator, Initial Mandated Lead Arranger and Global Facility Agent for the KWD710mn KNPC Conventional Facility and KWD490mn Murabaha Islamic Facility for the Clean Fuels Project.
The Saudi royal family has been vocal about its plans to diversify the country’s economy for years. As internal energy demand rises sharply, the multibillion tender for a series of solar and wind projects marks one of the first concrete steps taken by the Kingdom towards sustainability.
The AFC’s upsized US$150mn was the first US dollar denominated sukuk issued by an African multilateral development bank and the first dollar denominated sukuk of 2017, helping the financial institution fund a number of infrastructure projects on the continent.
The Sultanate of Oman’s OMR250mn sukuk al-Ijara Trust Certificates due November 2020 helped the government set a critical funding benchmark and helped pave the way for a conventional dual-currency bond seven months later.
Noor Bank’s debut perpetual Tier 1 perpetual sukuk issuance met with strong demand from global investors and achieved the lowest yield of any Tier 1 Basel III compliant perpetual sukuk in Dubai, despite a volatile market backdrop which saw oil prices dip below US$30 per barrel.
Petroleum Development Oman’s (PDO) US$4bn senior secured pre-export term loan facility was the company’s debut credit deal, upsized on the back of strong demand from global investors, and the first ever oil pre-payment financing by the Omani government.
The rapid growth of green finance has sparked interest from many audiences. The use of bonds to finance green projects have become an exciting market development, with demand from investors consistently outstripping supply. Across the globe, borrowers and investors are keen to engage in sustainable financing opportunities and we have seen increasing activities in Asia, paving the way for the markets in the Middle East to take off.
Ezdan’s debut US$500mn 5-year fixed rate trust certificates helped the company diversify its sources of funding, and created a broader platform from which Qatar’s leading real estate developer, owner and operator can grow its business in the future.
Despite 2016 being a challenging year for the Qatari economy and the GCC more broadly, there are reasons for optimism in 2017. The price of oil is stabilizing and looks set to increase modestly next year; new infrastructure development spurred on in part by FIFA World Cup 2022 will boost the construction and tourism sectors, as well as demand for residential and commercial real estate; and, prudential management of the country’s banks means many are entering the next year on a strong footing. Bonds & Loans speaks with Fahad Al Khalifa, CEO of al khaliji, one of the country’s leading financial institutions, about the outlook for the Qatari economy and the key factors shaping the bank’s strategy in 2017.
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