Barwa Bank has been chosen to co-lead manage Dubai's $750m sukuk issuance, which is the first sovereign sukuk of 2013 in the region. Barwa Bank has opened the year in the debt capital markets in the same manner as in 2012, being chosen for the second time as co-lead manager by Government of Dubai, for what is "one of the most sought after credits" in the Middle East and North Africa (Mena) region. Barwa Bank CEO Steve Troop said: "We are extremely proud to have been selected again as co-lead manager by the Government of Dubai. Having the opportunity to be associated for the second time with a transaction of such significance indicates our credibility, strong regional relationships and delivery, as well as access to liquidity. "We are working on many initiatives in the region in order to maintain our market standing and have a strong business pipeline for the coming year." Khalid Mahdi al-Ahbabi, Barwa Bank AGM and head (wholesale banking) said: "The issuance was extremely successful with Dubai also being able to simultaneously print a 30 year conventional bond. The 3.875% yield paid on the 10-year Sukuk clearly demonstrates the high volumes of liquidity in the sukuk space and Dubai's strongly improving risk perception." Capital Markets in the region are expanding rapidly with Barwa Bank being part of that since 2012 with lead management roles for a number of sukuk issues, including Qatar's 2018-23 issue, co-manager on the Government of Dubai's previous $1.25bn sukuk issuance, joint lead manager on the $800mn sukuk for Islamic Development Bank, joint lead manager on the $500mn Emaar issue and co-lead manager on Turkey's $1.5bn debut sukuk. Gulf Time
