Egypt partners with Google to promote 'unmatched diversity' tourism campaign    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Taiwan GDP surges on tech demand    World Bank: Global commodity prices to fall 17% by '26    Germany among EU's priciest labour markets – official data    UNFPA Egypt, Bayer sign agreement to promote reproductive health    Egypt to boost marine protection with new tech partnership    France's harmonised inflation eases slightly in April    Eygpt's El-Sherbiny directs new cities to brace for adverse weather    CBE governor meets Beijing delegation to discuss economic, financial cooperation    Egypt's investment authority GAFI hosts forum with China to link business, innovation leaders    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's Gypto Pharma, US Dawa Pharmaceuticals sign strategic alliance    Egypt's Foreign Minister calls new Somali counterpart, reaffirms support    "5,000 Years of Civilizational Dialogue" theme for Korea-Egypt 30th anniversary event    Egypt's Al-Sisi, Angola's Lourenço discuss ties, African security in Cairo talks    Egypt's Al-Mashat urges lower borrowing costs, more debt swaps at UN forum    Two new recycling projects launched in Egypt with EGP 1.7bn investment    Egypt's ambassador to Palestine congratulates Al-Sheikh on new senior state role    Egypt pleads before ICJ over Israel's obligations in occupied Palestine    Sudan conflict, bilateral ties dominate talks between Al-Sisi, Al-Burhan in Cairo    Cairo's Madinaty and Katameya Dunes Golf Courses set to host 2025 Pan Arab Golf Championship from May 7-10    Egypt's Ministry of Health launches trachoma elimination campaign in 7 governorates    EHA explores strategic partnership with Türkiye's Modest Group    Between Women Filmmakers' Caravan opens 5th round of Film Consultancy Programme for Arab filmmakers    Fourth Cairo Photo Week set for May, expanding across 14 Downtown locations    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Ancient military commander's tomb unearthed in Ismailia    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Egypt's FM praises ties with Tanzania    Egypt to host global celebration for Grand Egyptian Museum opening on July 3    Ancient Egyptian royal tomb unearthed in Sohag    Egypt hosts World Aquatics Open Water Swimming World Cup in Somabay for 3rd consecutive year    Egyptian Minister praises Nile Basin consultations, voices GERD concerns    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



First Gulf Bank sets up new $3.5 billion Islamic bond programme
United Arab Emirates lender is looking to tap a burgeoning market in religiously-prescribed 'sukuk' products as Gulf buyers show increasing demand for regional Islamic paper
Reuters Published in Ahram Online on 12 - 07 - 2011

Abu Dhabi's First Gulf Bank has set up a new US$3.5 billion Islamic bond programme, a London Stock Exchange filing showed, paving the way for the lender's first sukuk sale.
FGB, 67-per cent owned by Abu Dhabi's ruling family, picked Citi, Standard Chartered and HSBC to arrange the program, a prospectus from the lender, dated 11 July showed.
The UAE's second largest lender by market value said in March that the bank was considering an Islamic bond as it planned to tap debt markets this year. Sukuk yields in the Gulf have narrowed significantly in recent months, a sign of returning confidence and demand for regional Islamic paper.
"There is still a lot of pent up demand in the sukuk space and very few places to invest in currently," said one Dubai-based trader, adding that recent sukuk issues were oversubscribed even though the pricing was not overly attractive.
The lender has a separate $3.5 billion euro medium term notes programme under which it raised $500 million in November 2009.
FGB issued a five-year 200 million Swiss franc ($206 million) bond, carrying a coupon of 3 per cent in January. The bond was the first from the Gulf Arab region in 2011.
The political uprisings in the region had virtually halted the sukuk market in the Gulf but the sector has seen a revival buoyed by high-profile issuances such as HSBC Middle East's benchmark sukuk.
Sharjah Islamic Bank's $400 million issuance was also oversubscribed and indicated that demand was on the rise for Islamic paper in the Gulf.
FGB shares were trading down 1.4 per cent at 0830 GMT on the Abu Dhabi stock exchange.

Clic here to read the story from its source.