First Gulf Bank PJSC

Sukuk sales to reach US$44 billion in 2012 as demand outstrips supply, says HSBC

According to HSBC Holdings Plc, sales of Islamic bonds may rise to US$44 billion this year as request outstrips supply and as Asian and Middle East investors tap the market complying with Islamic banking rulings. Companies and governments are tapping the Islamic bond market as borrowing costs decline amid rising investor demand.
Emirates Islamic Bank PJSC and First Gulf Bank PJSC of Abu Dhabi raised US$500 million each from sukuk sales.
Shariah-compliant bonds won 7.2% last year, according to the HSBC/Nasdaq Dubai US Dollar Sukuk Index, while debt in developing markets rose 8.5%, shows JPMorgan Chase & Co.’s EMBI Global Composite Index .

FGB issues 5 year $650 million Sukuk to expand its Islamic operations

First Gulf Bank PJSC, (FGB), obtained excellent investor endorsement through a six times oversubscription of its $650 million Sukuk (Islamic bonds) issuance.
The FGB Sukuk roadshow started on 21st July 2011. Between the ones invited were Fixed Income investors from the UAE, Asia and Europe.

SNR Denton advises on Dh250m Sharia-compliant facility

SNR Denton has announced that the firm advised Abu Dhabi Islamic Bank PJSC, Al Hilal Bank PJSC, Mubadala GE Capital PJSC, Al Khalij Commercial Bank, Al Khaliji France SA, Ajman Bank PJSC and First Gulf Bank PJSC on their successful participation in a Dh250 million Sharia-compliant facility.
The facility was made available to Emirates National Factory for Plastic Industries LLC, based in Sharjah.

Gulf Arab companies plan sukuk as cost rises

The political conflict in the Middle East will make it more expensive for companies in the Arab Gulf such as First Gulf Bank PJSC and Masraf al-Rayan to issue Islamic bonds as relative yields hold near the highest level in more than three months.
First Gulf plans to sell bonds or sukuk this year. Masraf said March 15 it will seek shareholder approval to issue as much as $1 billion of Shariah-compliant debt.

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