SUKUK PIPELINE - Issue plans around the world

DUBAI, Sept 20 (Reuters) - Following are major Islamic bond issues in the global pipeline.

The Thomson Reuters Global Sukuk Index is at 117.85853 points, up from 117.69120 at the end of last month and 115.79726 at the end of last year. The Thomson Reuters Investment Grade Sukuk Index is at 116.67619 against 116.46023 at end-August and 113.69014 at end-2014.

MALAYSIA BUILDING SOCIETY - Malaysia Building Society is finalising plans to offer up to 900 million ringgit ($214 million) in structured sukuk, probably later in the month, with RHB Investment Bank as sole lead, bankers said on Sept. 19.

INDONESIA - The Indonesian government plans to offer project-based sukuk worth 13.7 trillion rupiah ($953 million) next year, nearly double this year's level, Antara news agency quoted the National Development Planning Agency's deputy chief for development funding, Wismana Adi Suryabrata, as saying in mid-September.

Noor Bank said in late August it planned to help arrange a sukuk sale or private placement on behalf of the Indonesian government; officials declined to specify the amount of the sukuk but said it would be U.S. dollar- based and include other underwriters.

HNA GROUP - The financing arm of China's HNA Group, owner of Hainan Airlines, plans to make an offshore sukuk issue of benchmark size before year-end, Andrew Kinal, managing director of Geneva-based Shariah Advisory Group, which is advising on the deal, said in early September.

EGYPT - Egypt hopes to issue its first sovereign sukuk by the first quarter of 2016, Samy Khallaf, an adviser to the finance minister, said in early September.

TIME DOTCOM - Malaysia's TIME dotCom plans a sukuk offer off its newly established 1 billion ringgit ($232 million) medium-term note programme. CIMB Investment Bank and Hong Leong Islamic Bank were appointed joint lead managers, bankers said in early September.

PRASARANA - State-owned public transport operator Prasarana Malaysia said in early September it would fund Malaysia's light rail transit three project via sukuk, with the coupon to be decided later.

TURKIYE FINANS - Turkiye Finans Katilim Bankasih has applied to raise up to 1.5 billion lira ($513 million) via sukuk through its wholly owned unit TF Varlik Kiralama, Turkey's Capital Markets Board said in August.

ALBARAKA TURK - Albaraka Turk has applied to raise up to 1 billion lira via sukuk through its asset-leasing company, Bereket Varlik Kiralama, Turkey's Capital Markets Board said in August.

SAUDI ELECTRICITY - Saudi Electricity Co received approval from its executive committee to set up a sukuk programme worth as much as $1.5 billion and negotiate for loan financing worth $2.3 billion, the Gulf's largest utility said in late August.

TENAGA NASIONAL - Malaysia's Tenaga Nasional Bhd said in late August it would raise up to 10 billion ringgit with sukuk to build and operate a power plant project that it took over from state fund 1MDB.

ALUMINIUM BAHRAIN - Aluminium Bahrain is seeking a credit rating ahead of talks with banks about fund-raising for its $3.5 billion Line 6 expansion, a company official told Reuters in late August. A banking source said a bond or sukuk could be issued before end-2015 or early in 2016.

ABU DHABI ISLAMIC BANK - Abu Dhabi Islamic Bank has mandated Citigroup, HSBC, JP Morgan and Morgan Stanley for an additional Tier 1 capital sukuk issue, sources told IFR in late August.

AXIATA - Axiata Group, Malaysia's biggest mobile telephone operator by market value, said in mid-August it planned to restructure a $590 million loan in Indonesia into a local currency-denominated partial sukuk to reduce its exposure to foreign exchange volatility.

PHILIPPINES - Sukuk are a funding option for the Philippine government, National Treasurer Roberto Tan told Reuters in mid-August, adding that he hoped Congress would pass legislation to allow such issuance.

BEST LEASE - Mohamed Frad, board member at Tunis-based Best Lease, a commercial leasing firm, told Reuters in early August that the company aimed to raise up to 30 million dinars ($15.6 million) via sukuk to finance its growth after finance ministry rules covering issuance of corporate sukuk were published, which was expected within months. Tunisia's Banque Zitouna and El Wifack Leasing were also considering sukuk issues.

KUWAIT - Kuwait is preparing legislation to facilitate issues of sukuk by the government as it assesses options to finance a big budget deficit caused by low oil prices, Finance Minister Anas al-Saleh said in late July. He did not specify when any issues might occur.

IVORY COAST - Ivory Coast will launch the first tranche of a local currency sukuk programme this year, selling 150 billion CFA francs ($252 million), a government spokesman said in late July.

BANK MUSCAT - Bank Muscat has delayed plans to launch a 500 million rial ($1.3 billion) sukuk programme after the central bank rejected the proposal, a source at the bank told Reuters in mid-July. "We will restructure the sukuk proposal and file for the approval again," he said.

ARAB NATIONAL BANK - Saudi Arabia's Arab National Bank has received regulatory approval to raise 2 billion riyals ($533 million) through sukuk which will enhance its supplementary capital, it said in mid-July.

RENAISSANCE SERVICES - Shareholders of Oman's Renaissance Services approved in early July plans for the company to buy back mandatory convertible bonds and finance that by issuing up to $200 million of perpetual bonds, either conventional or sukuk.

APICORP - Saudi Arabia-based Arab Petroleum Investments Corp could issue its first sukuk later this year as part of its recently-established $3 billion sukuk programme, the company said in early July.

ABU DHABI ISLAMIC BANK - Shareholders of Abu Dhabi Islamic Bank approved in late June authorisation for the bank to raise its Tier 1 capital to $3 billion through sukuk issuance.

TURKEY - The Republic of Turkey is seeking to raise $1.5 billion from issuance of sukuk and yen-denominated bonds this year, a Treasury official said in late June: around $400 million equivalent from the yen-denominated transaction and the rest from sukuk.

BRUNEI - Brunei's central bank is preparing to issue long-term sukuk for the first time in the "very near future" while widening the eligible list of buyers of its issuance programme, it said in mid-June.

TOYOTA - The Malaysia unit of Toyota Motor Corp plans to set up a 2.5 billion ringgit programme to raise funds via both conventional and Islamic bonds, a regulatory filing showed in mid-June.

SINDH - Pakistan's Sindh province plans to raise as much as $200 million through a debut issue of sukuk to help fund development and infrastructure projects, the province's minister of finance said in mid-June.

DRAKE & SCULL - Dubai's Drake & Scull International set initial price guidance for its senior perpetual U.S. dollar sukuk issue at around 9 percent on June 10, but the issue has not been launched since then, apparently because of market instability. It declined to comment on whether the issue had been formally cancelled.

ISLAMIC DEVELOPMENT BANK - The Islamic Development Bank increased the ceiling of its Islamic bond programme to $25 billion from $10 billion, as it aims to expand its financing across member countries, the Jeddah-based lender said in early June.

BARWA BANK - Shareholders of Qatar's Barwa Bank approved plans for a $2 billion senior unsecured sukuk programme that could be issued in various currencies, the lender said in early June.

BAHRI - Saudi Arabia's Capital Market Authority granted approval to National Shipping Company of Saudi Arabia (Bahri) to issue sukuk, the regulator said on June 1. Bahri plans to complete a debut Islamic bond offer worth up to 3.9 billion riyals this quarter, the company's vice chief executive officer for finance Mohammad Alotaibi said earlier.

ADIRA DINAMIKA - Indonesian leasing company Adira Dinamika Multi Finance is expected to launch a dual-tranche bond at end-May, bankers said. It aims to sell bonds worth 2.5 trillion rupiah, split into a 2 trillion rupiah conventional portion and a 500 billion rupiah sukuk portion.

OMAN - Oman plans to sell its first sovereign Islamic bond, an issue of 200 million rials of sukuk, through a private placement and will launch subscriptions soon, an Omani official was quoted as saying in mid-May by the Times of Oman.

AEON CREDIT - Malaysia's Aeon Credit Service said in mid-May it planned to raise 1 billion ringgit via sukuk murabaha for working capital, repayment of debt and financing for customers.

CIMB - CIMB Group Holdings, Malaysia's second largest bank by assets, plans to establish a new 6 billion ringgit conventional and Islamic bond programme, a regulatory filing by RAM Ratings said in late April. A CIMB official confirmed the details.

TELEKOM MALAYSIA - Telekom Malaysia set up in late April a $750 million, multi-currency sukuk programme that may see the state-owned company return to global markets after a long absence.

BNI SYARIAH - PT Bank BNI Syariah, the Islamic subsidiary of state lender PT Bank Negara Indonesia, plans to issue sukuk mudaraba with a three-year tenor worth up to 750 billion rupiah in an offer on May 18 and 19, the Jakarta Post quoted CEO Dinno Indiano as saying in mid-April.

JORDAN - Jordan chose the Islamic Corporation for the Development of the Private Sector to support its debut sovereign issue of sukuk, the ICD said in mid-April; the dinar-denominated issue is expected this year and would be used to absorb excess liquidity held by Jordan's Islamic banks, which is estimated to total 1.4 billion dinars ($2 billion).

AXIS REIT - Malaysia's Axis REIT said in early April that it had expanded its sukuk programme to 3.0 billion ringgit from 300 million ringgit, and extended the length to perpetual from 15 years.

TALIWORKS - Malaysia's Taliworks Corp announced in early April that the Securities Commission had authorised its proposed issuance of 210 million ringgit worth of sukuk murabaha, Bernama news agency reported.

KAZAKHSTAN - Kazakhstan's Finance Ministry is expected soon to propose a draft law allowing its first sovereign sukuk issue, which will probably take place early next year, Yerlan Baidaulet, an adviser to the Investments and Development Ministry, told Reuters in early April.

SENEGAL - Senegalese President Macky Sall said in early April that he had asked the Islamic Development Bank to help his country conduct a second sovereign sukuk issue. He gave no details.

OMANTEL - Oman Telecommunications

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