JPMorgan Leaps to Second Spot on Gulf Sukuk Deals in 2014 - Bloomberg:
"JPMorgan Chase & Co. didn’t do enough deals the past two years to rank among the top Islamic-bond underwriters in the Gulf. This year, they’ve leapt to second place, behind only HSBC Holdings Plc.
The biggest U.S. bank underwrote $1.3 billion of sukuk sales in the six-nation Gulf Cooperation Council in 2014, its best annual performance on record, according to data compiled by Bloomberg. JPMorgan advised on four deals, including for Saudi Electricity Co., while HSBC underwrote $2.49 billion in 10 issues.
JPMorgan’s rise comes less than two years after hiring Hussein Hassan from UBS Group AG, where roles included global head of Islamic structuring, according to a press release from the New York-based lender. The bank is chasing a slice of a market whose financial assets were worth $1.66 trillion in 2013, according to the Dubai government. It also reflects strength in Saudi Arabia, with all four bonds sold by companies from the kingdom."
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