SUKUK PIPELINE - Issue plans around the world

DUBAI, March 8 (Reuters) - Following are major Islamic bond issues in the global pipeline.

The Thomson Reuters Global Sukuk Index is at 117.39361 points, down from 117.49811 at the end of last month but up from 115.79726 at the end of last year. The Thomson Reuters Investment Grade Sukuk Index is at 115.67036 against 115.48693 at the end of February and 113.69014 at end-2014.

TELEKOM MALAYSIA - Telekom Malaysia will set up a $750 million multi-currency sukuk programme to diversify its funding avenues and enhance its flexibility to raise capital, bankers said in early March.

PETRONAS - Malaysian energy giant Petronas began roadshows on March 5 to raise up to $17 billion from conventional and Islamic bonds; as much as $2 billion of the total would be raised via U.S. dollar-denominated sukuk.

RAS AL-KHAIMAH - The emirate of Ras al-Khaimah has invited bankers to pitch for arranger roles on a potential U.S. dollar-denominated benchmark sukuk issue, sources said in early March; a deal is expected before end-April.

BAHRI - National Shipping Company of Saudi Arabia (Bahri) plans to sell 10-year sukuk worth 3.9 billion riyals ($1.04 billion) by the end of March to repay debt and for general business purposes, a company executive said.

LUXEMBOURG - Luxembourg intends to issue more sovereign sukuk in 2016 after conducting its first such issue last year, Luxembourg finance minister Pierre Gramegna was quoted as saying by the Gulf Times in March.

SHARJAH ISLAMIC BANK - Sharjah Islamic Bank plans to meet fixed income investors from March 5 ahead of a potential U.S. dollar benchmark sukuk issue, a document from lead arrangers showed.

OMAN - Oman plans to make its first sovereign issue of Islamic bonds, a 200 million rial ($520 million) domestic issue, by mid-2015, the head of its central bank told Reters in early March.

KUVEYT TURK - Turkish Islamic bank Kuveyt Turk is seeking a window to sell maiden ringgit-denominated sukuk in Malaysia, bankers said in late February; the lender will set up a 2 billion ringgit ($549 million) Islamic medium-term note programme via arrangers CIMB, Kuwait Finance House and Maybank.

GARUDA - National airline Garuda Indonesia said in late February it had taken a $400 million bridge loan from National Bank of Abu Dhabi and Dubai Islamic Bank and would refinance it with a $500 million sukuk issue later this year. It would be the first offshore sukuk issue from an Indonesian corporate; the two banks would be joint lead managers and bookrunners.

KHAZANAH NASIONAL - Malaysian sovereign wealth fund Khazanah Nasional plans to issue sukuk worth up to 1 billion ringgit to help fund schools, its managing director told Reuters in late February.

NIGER - Niger's government will establish a sukuk programme worth 150 billion CFA francs ($260 million), permitting its first issue of sukuk, with assistance from the private sector arm of the Islamic Development Bank , the Jeddah-based body said in late February.

GULF FINANCE HOUSE - Gulf Finance House plans to make a $230 million convertible sukuk issue this year to help it fund acquisitions of two to three regional firms, its chairman told Reuters in late February.

QATAR ISLAMIC BANK - Qatar Islamic Bank said in late February that its shareholders had approved the issuance of up to 5 billion riyals ($1.37 billion) of Tier 1 capital-boosting sukuk.

EMIRATES - Emirates airline hired banks to help it arrange a sukuk issue of up to $1 billion, sources familiar with the matter said; the issue would be backed by UK Export Finance, the first time Britain's export credit agency has guaranteed an Islamic bond issue. ]

JORDAN ISLAMIC BANK - Jordan Islamic Bank, the largest Islamic bank in the country and a unit of Bahrain's Al Baraka Banking Group, plans a 10-year local currency sukuk issue by year-end, the parent's chief executive Adnan Ahmed Yousif told Reuters in mid-February.

SOUTH AFRICA - South Africa is not planning to issue U.S. dollar-denominated sukuk in 2015 but may print them in 2016, a funding official said. The government is also looking at issuing domestic sukuk in rand.

ABU DHABI ISLAMIC BANK - Abu Dhabi Islamic Bank plans to issue capital-boosting Islamic bonds in Malaysia, its first foray in the southeast Asian Islamic debt capital market, credit rating agency RAM Ratings said in early February.

QATAR INTERNATIONAL ISLAMIC BANK - Qatar International Islamic Bank is seeking shareholder approval to raise up to 3 billion riyals ($825 million) through a capital-boosting sukuk issue, the bank said in early February.

SGI-MITABU - SGI-Mitabu, a consortium of two Brisbane-based solar energy companies, will issue offshore-domiciled sukuk in July, The Malaysian Insider quoted a senior executive as saying in early February. If it goes ahead, the deal will be Australia's first issuance of sukuk.

IVORY COAST - Ivory Coast's prime minister Daniel Kablan Duncan told reporters in early February that no final decision had been taken on whether to issue sukuk this year. Earlier, a schedule released by the region's development planning agency UMOA-Titres had said Ivory Coast planned a debut 200 billion CFA franc sukuk issue in 2015.

K-ELECTRIC - Karachi-based utility K-Electric will test a seven-year tenor for its latest sukuk, a 22 billion rupee ($217 million) issue that would be Pakistan's largest corporate sukuk to date, the company said in early February.

BNI SYARIAH - PT Bank BNI Syariah, the Islamic subsidiary of state lender PT Bank Negara Indonesia, plans to issue sukuk worth about 500 billion rupiah ($39.4 million) with a three-year tenor in the first half of this year, said CEO Dinno Indiano, the Kontan newspaper reported in early February.

EGYPT - Egypt is exploring the idea of issuing international sukuk, but that would require regulatory change, Hanan Salem, first deputy minister for economic and financial policies at the Finance Ministry, said in January.

PUTRAJAYA HOLDINGS - Malaysia's Putrajaya Holdings Sdn Bhd has proposed issuing 370 million ringgit of 15-year sukuk musharaka, Malaysian Rating Corp said in mid-January.

BANK ISLAMI - Bank Islami Pakistan, the country's second largest full-fledged Islamic bank, plans to raise 3.5 billion rupees via subordinated sukuk, a bank official said. Issuance of the first 500 million rupee tranche, which still requires regulatory approval, could be as early as this quarter.

MOBILINK - Pakistan Mobile Communications (Mobilink), the country's largest telecommunications operator, plans to raise 6.9 billion rupees via sukuk this quarter, Pakistan Credit Rating Agency said.

INTERNATIONAL BANK OF AZERBAIJAN - International Bank of Azerbaijan, the country's largest and the only state-owned bank, plans to issue $200-300 million of debut sukuk this year, a senior manager said in early January.

TUNISIA - Tunisia will delay its planned debut issue of $500 million in Islamic bonds until the third quarter of the year to allow parliament time to amend a law concerning the sale, Finance Minister Hakim Ben Hamouda said in early January.

NINGXIA - China's AVIC Capital Co said in late December that its unit AVIC Securities had signed an agreement to advise the government of the country's Ningxia Hui Autonomous Region on the global issue of up to $1.5 billion worth of instruments such as sukuk and U.S. dollar bonds, with maturities up to five years.

INDONESIA - The government plans to issue 7.14 trillion rupiah of project-based sukuk in 2015 to finance three infrastructure programmes and develop the sukuk market, the Jakarta Post quoted Suminto, director of Islamic bonds at the debt management office, as saying in mid-December.

The finance ministry plans to sell retail sukuk worth around 20 trillion rupiah in April, an official at the debt management office said in early December.

The government plans to issue global sukuk in the first quarter of 2015 before the U.S. Federal Reserve starts increasing interest rates, Scenaider Siahaan, a director at the debt management office, told Reuters; he did not give details.

AXIS REIT - Malaysia's Axis REIT said in mid-December that it planned to expand its sukuk programme to 3.0 billion ringgit from its existing size of 300 million ringgit, and extend the programme to a perpetual programme from 15 years.

TURKIYE FINANS - Turkish Islamic lender Turkiye Finans Katilim Bankasi applied to raise 143 million lira via sukuk, the Capital Markets Board said in mid-December.

TIRSAN TREYLER - Turkiye Finans received regulatory approval for a 71 million lira sukuk issue by trailer manufacturer Tirsan Treyler Sanayi ve Ticaret, the Capital Markets Board said in mid-December.

UNITAPAH - Malaysia's UniTapah Sdn Bhd plans to issue up sukuk murabaha of up to 600 million ringgit to refinance a term loan funding construction of the new campus for Universiti Teknologi MARA in Perak, RAM Ratings said in early December.

KENYA - Kenya will issue its debut sukuk in the next financial year to June 2016, not this one as some had expected, its finance minister said at the start of December.

CAGAMAS - Malaysia's state-backed mortgage lender Cagamas will raise up to $2.5 billion with a multi-currency Islamic bond programme, credit agency RAM Ratings said at the start of December.

ICD - The Islamic Corporation for the Development of the Private Sector, the private sector arm of the Islamic Development Bank, plans to tap Islamic capital markets to raise as much as $1.2 billion in long-term funds during its current financial year, which started in October, its chief executive told Reuters in late November.

POINT ZONE - Malaysia's Point Zone (M) Sdn Bhd, a subsidiary of KPJ Healthcare, received in early November authorisation from the Securities Commission to establish a sukuk programme of up to 1.5 billion ringgit.

MALAYSIA BUILDING SOCIETY - Malaysia Building Society Berhad is planning a second issuance of its structured covered sukuk commodity murabaha programme, aiming to raise up to 700 million ringgit, bankers said in mid-November.

FLEETCORP - Turkey's Fleetcorp, wholly owned by Kuwait's The International Investor, has received regulatory approval to raise up to 150 million lira via sukuk, the Capital Markets Board said in early November.

BANK MUSCAT - The Islamic unit of Bank Muscat, Oman's largest lender, plans to tap the sukuk market in the first quarter of next year, in what would be the first sukuk sale by a bank in the country, a bank official said in late October. The issue would fall under a 500 million rial sukuk programme which shareholders approved in March this year.

TEMASEK EKSLUSIF - Temasek Ekslusif, a wholly owned unit of Malaysian property developer Gamuda Bhd, will raise up to 1 billion ringgit with Islamic bonds, ratings agency RAM Ratings said late in October.

KAZAKHSTAN - Kazakhstan may make its second international issue of sukuk in 2015, central bank governor Kairat Kelimbetov told Reuters in late October. The issue would probably be quasi-sovereign but plans have not been finalised yet; details are likely to be decided near the end of this year.

ETISALAT - Abu Dhabi-based telecommunications firm Etisalat is planning its first sukuk issue, bankers told IFR in early October. The company will have the documents ready in coming weeks, but the deal is more likely to be launched in early 2015, they said.

BANK ISLAM - Malaysia's Bank Islam, wholly owned by BIMB Holdings, has set up a 1 billion ringgit subordinated sukuk programme to boost its regulatory capital, RAM Ratings said in early October.

BINTULU PORT - Malaysia's Bintulu Port Holdings is expected to prepare for its planned Samalaju Port project with a proposed sukuk issue, likely to be 700-800 million ringgit, The Edge daily reported in early October.

MALAYSIA MARINE - Malaysia Marine and Heavy Engineering said in late September it had received approval from the Securities Commission to establish a sukuk murabaha programme of up to 1 billion ringgit.

MAHCO MALAYSIA - Mahco Malaysia, a vehicle to issue sukuk for Mohammed Othman Al Houkail Trading & Contracting Co, a medium-sized contractor in Saudi Arabia, proposed an Islamic medium-term note programme of up to 300 million ringgit, RAM Ratings said in late September.

CENDANA SEJATI - Malaysia's Cendana Sejati, a unit of local bank Masraf Al Barakah, proposed a 360 million ringgit senior sukuk murabaha medium-term note programme, RAM Ratings said in late September.

AGAOGLU - Turkish construction-to-energy Agaoglu Group plans to raise around $300 million by issuing sukuk, Niyazi Albay, Agaoglu's chief investment officer, told Reuters in mid-September. No specific time frame was given.

AKTIF BANK - Aktif Bank, Turkey's largest privately owned investment bank, has received regulatory approval to issue 200 million lira in sukuk, the Capital Markets Board said.

DOGUS GROUP - Turkish conglomerate Dogus Group has received regulatory approval to raise $370 million by issuing the country's first U.S. dollar-denominated corporate sukuk, the Capital Markets Board said in late August. No time frame was given.

CIMB ISLAMIC - CIMB Islamic, the sharia-compliant unit of Malaysia's second largest bank, is preparing an Islamic bond programme to raise up to 5 billion ringgit, ratings agency MARC said in late August.

SUNWAY - Malaysian property developer Sunway will raise up to 2 billion ringgit by issuing sukuk mudaraba, it said in August; short-term commercial paper under the programme will have maturities of between a month and a year, while medium-term notes will have maturities of one to seven years. Sunway will make its first issuance within two years.

SOCIETE GENERALE - Societe Generale completed the roadshow for the first issue in its 1 billion ringgit multi-currency sukuk programme in Malaysia, and would decide on the size in days, the bank said on June 18. In early July, banking sources said Societe Generale was still seeking a window to launch.

IFC - The International Finance Corp, the World Bank's lender to the private sector, is considering a return to the Islamic bond market, an IFC official said. A sukuk issue was still in the early stages of discussion but would likely be in the fiscal year starting in July 2014.

JORDAN - Jordan's government is studying a proposal to issue its first Islamic bond as early as in 2015, possibly raising over $1 billion in multiple currencies, but a preference for concessionary loans from aid donor countries could hinder the plan, government sources said.

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