|
22nd July, 2008
KUALA LUMPUR: A total of 34 new sukuk deals, with a combined issuance value of RM14.5 billion, were successfully closed in the first half (1H) of this year despite a turbulent environment, said RAM Ratings.
Although less than half of that issued in the previous corresponding period, this is still respectable considering the jittery market and widening bond spreads amid the ongoing credit crisis, mounting inflationary pressures and continued concerns about flagging global economic growth, RAM Ratings said in its publication “RAM Sukuk Deals”.
It said that sukuk issues also accounted for about 34 percent of the domestic markets RM43.4 billion of rated corporate bond issues in the first half of this year.
The sukuk market is still the domain of infrastructure issues.
Eight corporates from this sector entered the market with some RM8.16 billion of sukuk programmes in the first half of the year, accounting for 56 percent of the total sukuk market.
This was followed by the real estate and construction sector, with a 12 percent-share.
The more notable sukuk programmes that were closed between January and June this year included those by PLUS SPV Bhd (PLUS SPV), Menara ABS Bhd (Menara ABS) and Al-Aqar Capital Sdn Bhd (Al-Aqar Capital).
The RM4 billion (nominal value) sukuk programme by PLUS SPV was the markets largest year-to-date sukuk deal.
PLUS SPV is an independent special-purpose company through which PLUS Expressways Bhd (PEB) had issued sukuk to meet its funding requirements.
|
