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Strong performance of recent Gulf capital deals bodes well for the upcoming sale
Islamic Development Bank deal sold inside the curve
Books over $1.5bn at launch at a spread of 80bp over Treasuries
Gulf issuance will take a pause due to the Eid holiday next weekend, but June could be busy
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International sukuk issuance is on the cusp of a record year, and so far in 2014 has made up the largest proportion of total sukuk supply since 2007, according to IFIS data. -
DIFC Investments built an orderbook of over $3bn for a $700m 10 year sukuk that it priced on Tuesday. UAE buyers short of fresh paper — and sukuk in particular — took the bulk of the deal, which pulled other Dubai sukuk tighter in its wake.
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Saudi Arabia’s National Commercial Bank closed on Sunday the offer period for the sale of 300m of its shares, having attracted huge demand from its local market by offering a big discount.
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DIFC Investments opened books for a 10 year benchmark sukuk issue on Monday morning, with pricing scheduled for later this week. Investors predicted the deal would be priced slightly inside the curve of Jebel Ali Free Zone Authority. But the DIFCI leads have already boldly set the starting spread inside Jafza's sukuk curve.
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Bahrain’s sovereign wealth fund Mumtalakat has picked banks for a sukuk sale. The borrower has set up a new programme allowing conventional and Islamic issuance, and will use the proceeds to repay upcoming maturities.
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The Grand Duchy of Luxembourg intends to issue another sukuk, but is investigating different ways of structuring its second deal.
