IslamicFinance.de

Abu Dhabi's First Gulf Bank (FGB) has chosen four banks for a five-year benchmark-sized Islamic bond: Citi, HSBC, National Bank of Abu Dhabi and Standard Chartered.
The timeframe for sukuk hasn't been decided yet.
Emirates Islamic Bank, is anticipated to print the first debt deal out of the Gulf, having launched price talk for a five-year, benchmark-sized sukuk.

Emirates Islamic Bank has agreed upon an initial price whisper in the area of 350 basis points over midswaps for its five-year sukuk.
The potential sharia-compliant transaction is being launched by Emirates Islamic Bank but is backed by its parent company ENBD.
Lead managers on the EIB deal are the following banks: National Bank of Abu Dhabi, HSBC, Standard Chartered, Citi, RBS and ENBD Capital.

National Bank of Abu Dhabi, HSBC, Standard Chartered, Citi, RBS and ENBD Capital were chosen by Emirates Islamic Bank (EIB) for a potential benchmark-sized dollar sukuk. EIB will began the investor meetings in Malaysia on January 5.

It seems that Abu Dhabi Islamic Bank (Adib) rose the most in three months, as the country's second-biggest Sharia-compliant lender continued with its roadshow to sell a $500 million five-year sukuk.
The sale will be oragnized by Citigroup, HSBC Holdings, Standard Chartered, Nomura and National Bank of Abu Dhabi.

Al Hilal Bank has chosen three banks to arrange its debut sukuk. The deal is forseen to emerge in the first quarter of 2012.
Standard Chartered, HSBC and National Bank of Abu Dhabi have been assigned by unlisted Al Hilal for a benchmark-sized deal under a bond programme which could be worth up to $3 billion.

Investors in Aldar Properties' $ 1.1 billion sukuk are gambling on the fact that the indebted developer will repay the issue even if it means more aid from Abu Dhabi which the company out this year.
The sukuk was established as an exchangeable bond by National Bank of Abu Dhabi, Barclays Capital and Credit Suisse, at a conversion price of $ 1.55 or 5.69 dirhams.

In the oppinion of National Bank of Abu Dhabi and EFG-Hermes UAE Ltd, Abu Dhabi may find it cheaper to borrow with Islamic bonds than non-Sharia compliant securities.
Abu Dhabi government officials will meet fixed-income investors in Beijing, Hong Kong and Singapore. Standard Chartered is arranging the meetings and the sit-downs with investors aren't related to an immediate transaction.

National Bank of Abu Dhabi is ready to launch conventional and Islamic Real Estate Investment Trusts, or REITs, but is waiting for the right time to go ahead.

In order to strengthen its relations with the Middle East and India, Jersey Finance wants to open a new overseas office.
The plan is to succeed this in the first quarter of 2011.
The organisation has two other overseas offices, in London and Hong Kong.
HSBC Middle East is regulated on Jersey, while Emirates NBD, the National Bank of Kuwait and the National Bank of Abu Dhabi all run elements of business on the island

UAE's Emirates Steel Industries, which controls a majority of the country's steel market with an annual output of two million tons, on Wednesday secured a $1.1 billion loan from a group of regional banks as it seeks to expand its production capacity.
The Abu Dhabi-based firm, the operator of the largest steel plant in the UAE reached a seven-year project financing agreement with a consortium of seven conventional banks and two Islamic finance institutions.
The conventional banks in the consortium are the National Bank of Abu Dhabi, Union National Bank, First Gulf Bank, Bank of Baroda, Arab Banking Corporation, Al-Khaliji France and Al-Khalij Commercial Bank. The two Islamic finance institutions are the Abu Dhabi Islamic Bank and Al-Hilal Bank.

The government is likely to approve an Islamic banking licence for the National Bank of Abu Dhabi. The move comes before the administration unveils its new economic model in which the services sector, and in particular Islamic finance, is given more emphasis.

Dubai Islamic Bank is considering raising AED 3 bn (USD 817 mn) in fresh capital and converting emergency government deposits into regulatory capital. The bank's board of directors would discuss the two measures on March 25, the bank said on Tuesday in a statement on the bourse website.

Rival banks, such as Union National Bank, National Bank of Abu Dhabi and Emirates NBD Bank in the UAE have already launched similar moves.

Gulf News reported on 19 April about the USD 400 mn, 5-year dual currency syndicated Ijara facility for the UAE-based Al Jaber Group.

BNP Paribas, Dubai Islamic Bank (through its investment banking arm, Millennium Capital Limited) First Gulf Bank, and National Bank of Abu Dhabi served as the underwriters and bookrunners for the transaction, which has been priced in both US dollar and UAE dirham. The syndicate comprised 7 banks.

Obeid Al Jaber is the Chairman of Al Jaber Group.

Source: http://archive.gulfnews.com/business/Banking_and_Finance/10206883.html

Business 24/7 reported on 13 April that National Central Cooling Co (Tabreed) has mandated Morgan Stanley, Standard Chartered and National Bank of Abu Dhabi as lead managers for its planned USD 300-500 mn convertible Sukuk due by 2011.

Source: http://www.business24-7.ae/cs/article_show_mainh1_story.aspx?HeadlineID=...