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| Citi |
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Citi’s Islamic finance business has greatly enhanced its rankings in the recent past. Between December 2010 and November 2011 it acted as bookrunner for deals totalling $1.8 billion, with a 7.6% share of the market. Compare this with the same period for 2008-09; then Citi acted as bookrunner for $599 million-worth of bonds.
In two years Citi managed to more than triple the deal volume for which it acted as bookrunner, and more than doubled its market share. This increase made it the world’s fifth-largest bookrunner for Islamic bonds, up from its previous high of seventh-largest bookrunner in 2009.
Citi’s Islamic syndicated loans performance was also strong: it acted as bookrunner for $596 million of deals, an 8.3% market share, making it the second-largest bookrunner for Islamic syndicated loans. This marks the first time that Citi has reached the top-five bookrunners for syndicated loans.
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Samad Sirohey, Citi: most improved international Islamic bank |
Citi Islamic Investment Bank’s profits for the first nine months of 2010 was $284,000. For the first nine months of 2011 the total was $2.967 million. Citi has bolstered its position in Islamic finance with a number of strong deals this year. It led a $1 billion sukuk from the Republic of Indonesia. The sukuk marked a record low coupon for Indonesia at 4%, cutting its borrowing costs by more than half since its previous global sukuk sale in 2009.
Citi also acted as a joint bookrunner and joint lead manager on the Malaysian sovereign’s issuance of a $2 billion dual-tranche sukuk. The issuance incorporated both five-year and 10-year sukuks. The issuance was the largest sovereign sukuk offering to date and the first 10-year sovereign sukuk. The deal was $6.8 billion oversubscribed.
On the financial institutions side, Citi acted as joint lead manager and joint bookrunner for First Gulf Bank’s inaugural sukuk issuance: a $650 million five-year sukuk.
