Middle East Bonds
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Qatar's central bank will issue QR1bn ($274.8m) of local currency sukuk and QR3bn of government bonds next week. -
Kuwait Airways plans to issue sukuk or conventional bonds to help pay for 25 to 35 new planes.
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The sukuk market is looking forward to a strong start to the new year as it brings 2013 to an end with a flourish. Three closely-watched deals on Tuesday brought more dollar issuance in a day than had been seen in the whole of the third quarter — and there's plenty more to come as two issuers could still come to market this year, while the first quarter pipeline is full of big names.
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Qatari telecoms firm Ooredoo issued a $1.25bn debut five year sukuk on Tuesday at 3.039% or 160bp over mid-swaps — 5bp through initial price thoughts.
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Aldar Properties saw big demand as it priced its $750m 4.348% five year sukuk on Tuesday at 290bp over mid-swaps — in from Monday’s initial price thoughts of very low 300bp area.
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Aldar Properties’ $750m sukuk traded up in secondary markets after it was priced on Tuesday and was quoted at 100.15/100.25 on Thursday. Ooredoo’s $1.25bn note, also issued on Tuesday, dipped below par but recovered to around par on Thursday.
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Global sukuk issuance is likely to maintain its positive long-term growth trends, said Moody’s this week, while S&P said the corporate and infrastructure sukuk pipeline will be “solid” in 2014.
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The International Islamic Liquidity Management Corporation (IILM) has issued its second $490m short term dollar sukuk.
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Qatari telecoms firm Ooredoo is looking to issue a debut five year dollar benchmark sukuk on Tuesday and has given final guidance of 160bp over mid-swaps — in from its 165bp initial price thoughts.
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The International Islamic Liquidity Management Corporation (IILM) has issued its second $490m short term dollar sukuk.
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Aldar Properties priced a $750m 4.348% five year sukuk on Tuesday at 290bp over mid-swaps – in from Monday’s initial price thoughts of very low 300bp area.
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Aldar Properties is set to issue a $750m five year sukuk and has given final terms at 290bp over mid-swaps – in from Monday’s initial price thoughts of very low 300bp area. The deal is expected to be priced on Tuesday.
