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RAM maintains 2017 global sukuk issuance projection at US$60-70b
In a statement today, RAM’s Head of Islamic Finance, Ruslena Ramli, said Malaysia maintained its lead by country with a market share of 28.8 per cent despite a higher volume of sukuk issuances from Saudi Arabia, Qatar and Oman in the first half of 2017 (1H17).
The rating agency, in its ‘Sukuk Snapshot’, said there was also a 43.8 per cent year-on-year increase in global sukuk issuances from US$37.3 billion as at end-June 2016 to US$53.6 billion for the same corresponding period in 2017.
“The higher figure was attributed to an issuance boost mainly from Saudi Arabia US$14.3 billion (end-June 2016: US$2.9 billion), Qatar US$5.4 billion (end-June 2016: US$500 million) and Oman US$2.1 billion (end-June 2016: nil), it said.
It said the performance for 1H17 has been encouraging in line with its expectation of a revival in public-sector sukuk issuances mainly from Saudi Arabia, Qatar, Oman and Bahrain.
“The momentum continued into July 2017, where global sukuk issuances rose to US$56.8 billion, thanks to the additional issuances mainly from Malaysia, Bangladesh, Indonesia and Bahrain,” it said.
Meanwhile, it said, Malaysia’s 1H17 domestic sukuk issuances rose to US$18.4 billion from US$14.6 billion, a y-o-y increase of 26 per cent.
The agency said the positive performance was in line with its 2017 projection of local currency gross sukuk issuances at US$22.2 billion–US$26.7 billion (RM100 billion– RM120 billion).
The better-than-expected performance was on the back of US Federal Reserve’s rate tightening in June which saw many more issuances coming into the market in a bid to lock in rates, it said.
“The Malaysian bond market remains susceptible to volatility stemming from global developments, despite our favourable sukuk projections,” it said. - Bernama
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