Sukuk deals flow but Dubai's Averda struggles

By Ross Lancaster
06 Nov 2019

Qatar International Islamic Bank mandated banks on Wednesday for an AT1 sukuk, one day after Masraf al Rayan (MAR), another Qatari Islamic bank, had achieved tight pricing on its senior unsecured offering in the format. But another Middle Eastern deal, in Reg S/144A format, was pulled this week.

MAR’s lead managers, Al Rayan Investment, Boubyan Bank, MUFG, QNB Capital and Standard Chartered, gave initial price thoughts of 160bp over mid-swaps for a five year sukuk benchmark on Tuesday.

After revising guidance to a 140bp-145bp range, the leads then set final levels at 140bp over ...

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