National Commercial Bank, Saudi Arabia’s largest lender and Dubai developer Nakheel PJSC are among five borrowers in the Persian Gulf that may offer Islamic bonds next year after sales dropped 40 percent in 2010.
Companies in the region announced this quarter plans to sell as much as $3 billion of sukuk, according to data compiled by Bloomberg. Five companies in the Gulf raised $4 billion through Islamic bonds this year, down from the $6.7 billion raised in 2009 by seven issuers, the data show.
“There is a good opportunity to take advantage of the liquidity level among Islamic investors, which has remained high due to the shortage of sukuk sales this year,” Mohammed Dawood, Dubai-based director of debt capital markets at HSBC Holdings Plc, the second-biggest underwriter of sukuk this year, said in a telephone interview Nov. 28. “We have a number of mandates for the first half of next year for this region and beyond.”
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