Goldman granted diversification wish with sukuk al-wakala

Goldman Sachs got what it wanted on Tuesday with a debut sukuk sale three years in the making. Bankers on and away from the deal gave a broad range of opinions on the sukuk concession the firm paid relative to its conventional curve. But almost 90% of the bond went into the Middle East, providing the desired diversification that bankers close the deal said had motivated Goldman’s foray into the sukuk market.