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Global sukuk issuance dropped 3.1% in February: KFH

Kuwait Finance House (KFH) has said that Islamic bonds on the global market dropped slightly in volume during the month of February, with total issuances amounting to $9.07bn, down 3.1% from the $9.36bn issuances in the same month a year ago, Kuna has reported. In the GCC, corporate sukuk market started with two landmark corporate sukuk issuances, the first of which was Saudi Arabia’s SR5bn ($1.33bn) National Commercial Bank (NCB) bonds, which marks the largest issuance by a financial institution in the kingdom and the largest ever subordinated debt instrument issued by a financial institution in the MENA region. The second was Dubai Investments Park (DIP) which tapped sukuk market with a debut $300m Islamic bind, representing the GCC’s first USD sukuk issuance this year.