Islamic Bonds
Nomura introduces Islamic bonds to Japan
Nomura Holdings last week completed its first Islamic bond issue, raising US$100m in a surprise Malaysian sukuk that is being hailed as a test case for Islamic finance in Japan.
Third time lucky: UAE bank finally scores in ringgit market with inaugural sukuk
National Bank of Abu Dhabi launched a M$500m (US$154m) five-year Islamic bond last week that shows the gulf is narrowing between Asia’s Islamic finance market and the Middle East.
Kencana prepares first Danajamin-guaranteed issue under watchful eyes
Malaysian oil and gas services provider Kencana Petroleum is poised to sell the first Danajamin-guaranteed bond issue in mid-May, with AmInvestment Bank having clinched the mandate as sole lead manager.
Flying start
Malaysia Debt Ventures priced its M$200m (US$62.9m) 10-year sukuk at 4.26%. The notes settled on August 26. Bookrunner CIMB Investment Bank led the issue, while Bank Islam Malaysia and RHB Investment Bank were joint lead managers.
Axiata dials private number
Mobile phone operator Celcom Axiata has completed a M$4.2bn sukuk in a private placement. The bulk of the deal, or M$3.4bn, was taken up by the state pension fund EPF, with CIMB Islamic Bank and Maybank taking M$400m each.
Cagamas prices
National mortgage lender Cagamas priced its M$115m (US$37m) issue of conventional and Islamic MTNs on August 25. The conventional MTNs comprise M$75m of notes split into eight tranches of different maturities with varying coupons payable semi-annually. Two of these tranches are for M$5m each and come due on September 3 2012 and September 3 2025 paying coupons of 3.3% and 4.65% respectively.
New-look Cagamas sukuk passes Middle East investor test
Offshore investors last week crowded into the debut issue off a new Islamic debt programme set up by Cagamas, validating its efforts to build ties between the Asian and Middle Eastern Islamic finance markets.
Padi stories
Padiberas Nasional has priced a M$400m five-year Islamic bond in the first drawdown from a M$750m Sukuk Musyarakah programme. The bonds were priced at 5.05%, yielding about 121bp over equivalent government bonds. Settlement will be made on September 2.