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Sukuk Market Overview
- 6. Pakistan Proposes Jordan Passes Axis 1st REIT Qatar 4 billion New Sukuk Rules Sukuk Law Sukuk Eurobond Danga Capital Bank Al Jazira Qatar QR33 World's 1st Tier 2 Sukuk billion Sukuk Renminbi Sukuk General Electric DP World 1st USA Corporate Announces Sukuk Default ADIB Tier 1 Indonesia 1st Sukuk to Govt of Domestic Sovereign Nakheel Sukuk, Saad Group Abu Dhabi Retail Sukuk Dubai Real Estate NBAD 1st Default Boom Ringgit Cross Border Sukuk Caravan 1st Asset- Durrat Al Mufti Taqi Usmani Backed Sukuk Bahrain criticises 85% of sukuk Kumpulan 1st Int'l as not sharia-compliant Guthrie Bhd Dawama 1st Hybrid Hybrid World's 1st Int'l Sukuk (Ijara-Murabaha) Sukuk (Ijara - Khazanah World Bank 1st Sukuk Istisna) Nasional Central Bank of World's 1st Bahrain 1st Cagamas Int'l Series of Int'l Malaysia 1st Int'l Sovereign World's Exchangeable 1st Sukuk IDB 1st Int'l Quasi- Residentia Shell MDS Sovereign Sukuk l Mortgage Sdn Bhd Sukuk World's 1st Ringgit
- 9. Sukuk enjoys exceptional favorable pricing compared to conventional bonds (Cheaper by 50 bps as per HSBC data) Dubai Debt Crisis AAOIFI comments that Sukuk rallies and becomes 85% of sukuk are not investors choice over US & sharia compliant European ow market yields Nakheel deafults & Abu Boom of Sukuk Market Dhabi Government bails outDubai
- 14. 46.4% Domestic – Local currency SELL SIDE - Expectation 28.3% 53.6% BUY SIDE - Preference International – Eurobond 71.7% 20% 40% 60% 80% Rest of the world GCC International – Eurobond Asia Pacific Domestic – Local currency 0% 20% 40% 60% 80% 100%
- 15. 0.0% Other 8.1% 3.7% Euro 4.0% Malaysian Ringgit 37.0% 4.0% SELL SIDE - Expectation Saudi Riyal 11.1% 6.1% BUY SIDE - Preference US Dollar 48.1% 77.8% Indonesia Rupiah 0.0% 0.0% 0% 10% 20% 30% 40% 50% 60% 70% 80% Indonesian Rupiah Rest of the World US Dollar Saudi Riyal GCC Malaysian Ringgit Euro Asia Pacific Other 0% 20% 40% 60% 80% 100%
- 18. Egypt Oman Kazakhstan Tunisia Libya SELL SIDE - Expectation Azerbaijan BUY SIDE - Preference Morocco Other Yemen Kenya 0% 10% 20% 30% 40% 50% 60% 70% 80%
- 20. Sub-Investment Rest of the World Grade (BB or B) Investment Grade (BBB- / Baa3 and GCC above) Indifferent A and above Asia Pacific 0% 20% 40% 60% 80% 100%
- 22. 10 years and above 0.0% 1.0% 5-10 years 66.7% 26.3% 3-5 years 25.9% SELL SIDE - Expectation 52.5% 1-3 years 7.4% BUY SIDE - Preference 17.2% Less than 1 year 0.0% 3.0% 0% 10% 20% 30% 40% 50% 60% 70% 80% Transpotation 10 years and above Securities brokers and traders Investment Firms and Funds 5-10 years General Financial Services Conglomerate 3-5 years Central Bank and Monetary Authororities 1-3 years Banking Asset Management Less than 1 year 0% 20% 40% 60% 80% 100%
- 27. No 59.3% Yes 40.7% 0% 10% 20% 30% 40% 50% 60% 70% Above $500K 14.3% 5% 6.7% $350K – $499K 7.1% 4% 6.7% $200K – $349K 21.4% 3% 6.7% 2% 46.7% $50K – $199K 28.6% 1% 33.3% Less than US$ 50K 28.6% 0% 10% 20% 30% 40% 50% 5% 15% 25% 35%
- 30. Ijara 29.6% 63.3% Wakala 29.6% 11.2% Musharaka 7.4% 3.1% SELL SIDE - Mudaraba 7.4% Expectation 4.1% 0.0% BUY SIDE - Murabaha 10.2% Preference Hybrid 22.2% 7.1% Other 3.7% 1.0% 0% 10% 20% 30% 40% 50% 60% 70% Rest of the World Other Hybrid Levant Murabaha Mudharaba GCC Musharaka Wakala Asia Pacific Ijara 0% 20% 40% 60% 80% 100%
- 34. 3.7% Zero-Coupon 0.0% 70.4% Fixed Rate SELL SIDE - Expectation 52.5% BUY SIDE - Preference 25.9% Floating Rate 47.5% 0% 20% 40% 60% 80% Rest of the World Zero-Coupon Levant Fixed Rate GCC Asia Pacific Floating Rate 0% 20% 40% 60% 80% 100%
- 37. 19.2% Less than 1 year (Trading) 26.3% 1-3 years 12.1% 3-5 years 42.4% Hold to maturity Transpotation Telecommunication Securities brokers and traders Hold to maturity Investment Firms and Funds 3-5 years General Financial Services Conglomerate 1-3 years Central Bank and Monetary… Banking Less than 1 year (Trading) Asset Management 0% 20% 40% 60% 80% 100%