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Global sukuk issuance set to rise; Bank Leumi names CEO; Hapoalim CFO to resign

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Global sukuk issuance set to rise; Bank Leumi names CEO; Hapoalim CFO to resign

* Competitive market conditions have driven global reinsurers to increasingly use structured solutions, such as loss portfolio transfers and adverse development covers, to de-emphasize their noncore legacy businesses that no longer offer optimal risk-reward opportunities, according to S&P Global Ratings.

* Global issuance of Islamic bonds, or sukuk, is set to climb 6% to around $130 billion in 2019, according to Moody's. The rating agency said new entrants and green sukuk could also stimulate issuance, with some African sovereigns expected to enter the market and as efforts to combat climate change gain traction.

GULF COOPERATION COUNCIL

* The Public Investment Fund of Saudi Arabia has finalized the terms of a $10 billion loan it aims to raise from several banks, insiders told Bloomberg News.

* Saudi Arabian General Investment Authority is seeking public opinions on a recently released draft investment law, under which some business activities could be limited to locals in certain economic sectors, among other things, Argaam reported.

* HSBC Bank Middle East Ltd. issued bonds in tranches of $201.4 million and $274.0 million, Cbonds reported. The bonds both mature Aug. 7, 2021.

* Abu Dhabi Global Market has admitted four financial technology startups — United Arab Emirates-based DAPI and PointCheckout Holding Company Ltd., Switzerland's Jibrel Network and Luxembourg's Ekofolio — to its fourth regulatory laboratory cohort.

* Moody's said Emirates NBD Bank PJSC's collaboration with DIFC FinTech Hive, the Dubai International Financial Centre's fintech accelerator and hub, is credit positive for the lender because it will support its profitability, Gulf News reported.

* Al Jazira Capital said it expects Saudi Arabia's benchmark Tadawul All Share Index to attract 20.2 billion riyals in inflows upon the second phase of the stock exchange's inclusion in the MSCI Emerging Markets Index, Argaam reported.

* Bahrain-based Arab Banking Corp. BSC, or Bank ABC, named Ismail Mokhtar group COO.

* Standard Chartered PLC promoted Hamad Abdul Rahman Buchiri as a segment head within its retail banking division, according to a press release carried by Trade Arabia. This is in addition to Buchiri's existing role as the lender's head of Islamic banking in Bahrain.

REST OF MIDDLE EAST AND NORTH AFRICA

* Bank Leumi le-Israel BM appointed Hanan Friedman president and CEO, replacing Rakefet Russak Aminoach, who announced her retirement in June.

* Bank Hapoalim BM CFO Ofer Koren has informed the Israeli lender of his intention to resign in the coming months, Reuters reported, citing the bank. Meanwhile, the news agency said Dov Kotler, who was appointed CEO of the lender in July, is expected to begin in his new role Oct. 1.

* The Tel-Aviv Stock Exchange Ltd., which became a public company earlier this month after completing its IPO, reported unaudited second-quarter after-tax profit of 2.5 million Israeli shekels, down from 69.3 million shekels a year ago. The exchange primarily attributed the 96% decrease to an impairment reversal of 65.5 million shekels, net of tax, in the corresponding quarter and to an increase in depreciation expenses and share-based payment expenses in the current quarter.

* Capital Intelligence Ratings affirmed Morocco-based Attijariwafa bank SA's long- and short-term foreign-currency ratings at BBB-/A3. The outlook remains stable.

* Egyptian lender Société Arabe Internationale de Banque SAE repaid $40 million of debt to China Development Bank in the second quarter, insiders told Amwal Al Ghad.

* Tunisian capital markets firm BNA Capitaux, owned by Banque Nationale Agricole, selected a new CEO, Borhene Bouallègue, according to Il Boursa.

EAST AND WEST AFRICA

* Daniel Ogbarmey Tetteh, director general of Ghana's Securities and Exchange Commission, said the regulator will require local fund managers to boost their minimum capital reserves to 2 million cedis from the current 100,000 cedis amid a crisis that has left firms unable to meet client withdrawals, Bloomberg wrote. Tetteh said the directive will be announced by the end of the year for compliance by December 2020.

* Ghana-based fund manager BlackShield Capital Management Ltd., previously known as Gold Coast Fund Management Ltd., said it will separate its mutual fund business from investments tied up in a structured finance fund being closed amid falling levels of liquidity in the sector, Bloomberg reported. The assets and liabilities in the structured finance fund will be transferred to a special purpose vehicle.

* The Banque de l'Habitat de Côte d'Ivoire was close to running out of cash, despite a 10.7 billion CFA francs recapitalization in January 2018 when Canadian Westbridge Mortgage REIT acquired a 51.6% stake, Financial Afrik reported.

CENTRAL AND SOUTHERN AFRICA

* S&P Global Ratings affirmed BB+ global scale long-term issuer credit and financial strength ratings and "zaAAA" South Africa national scale rating of South African insurer Santam Ltd., with a stable outlook on the global scale ratings. The rating agency also affirmed the BB ratings of Santam Structured Reinsurance Ltd. PCC and Santam Structured Insurance Ltd., as well as the latter's "zaAA+" South Africa national scale rating.

* The Green Climate Fund agreed to invest $56 million in the Development Bank of Southern Africa to permit it to make loans in the area of green finance, Agence Ecofin reported.

* Two South African entrepreneurs have issued a court summons against Nedbank Ltd. for allegedly stealing their invention that allows users to block financial transaction cards and checks, according to Business Report.

* A large group of creditors representing around 68% of Mozambique's defaulted 2023 eurobond said they intend to support a debt swap for which the government sought consent, Reuters wrote. Mozambique reportedly needs to get the support of at least 75% of bondholders to activate the collective action clause for the bond, which was one of the instruments at the center of a hidden debt scandal that led to a collapse of the country's currency.

* After the full acquisition of Banco Terra SA and the latest round of capital injection, shareholders of Moza Banco SA started planning new investments and strategies for the next three years, O País reported. The first goal is to open 20 more agencies until the first semester of 2020, increasing competitiveness and strengthening position in the market.

* Fidelity Life Assurance of Zimbabwe Ltd said it is in talks about a potential transaction involving a restructuring of its capital structure through a rights issue that could have a material impact on its share price.

* The Zimbabwe Stock Exchange and the Botswana Stock Exchange will sign a memorandum of understanding as the basis for cooperation aimed at boosting their financial markets and promoting cross-border investments and listings, according to a joint statement by the bourses.

IN OTHER PARTS OF THE WORLD

Asia-Pacific: JPMorgan, Citi expand Japan desk; S&P cuts AMP; Shinsei Bank share sale

Europe: LendInvest delays IPO; Deutsche's India expansion; Bank of Cyprus sees H1 profit

Latin America: Banco de Bogotá Q2 profit rises; BTG denies advising clients on money laundering

North America: 2 Iowa banks in deal; Moody's warns on Volcker rule; SEC's Jackson extends stay

Global Insurance: Slowing US life premiums; Dorian could become hurricane; China insurer results

Erin Tanchico, Henni Abdelghani, Pádraig Belton and Mariana Aldano contributed to this report.

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This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.