GCC Daily Fixed Income Report 31-05-2012

Saudi GACA Plans Two New Sukuk Issues By End 2013- Saudi Arabia's GACA, plans to issue two new government-backed Islamic bonds, or sukuk, by the end of 2013 to raise funds for its airport expansion projects, as growing demand pushes the kingdom to open its skies to more airlines, according to a senior official at the authority. GACA raised 15 billion Saudi riyals ($4 billion) earlier this year through a sukuk sale in the local currency to part finance a new SAR27.1 billion terminal at Jeddah airport. The first of the planned two new sukuk will likely be issued by the end of 2012 or the beginning of 2013, and will be worth SAR12 billion, Faisal Al-Sugair, vice president at GACA said.