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Most recent/Bond comments/Ad
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The country's curve has rallied since the US and Iran agreed on a peace MoU
Most of the demand came from local investors, as one banker expected
Price was 'way off' fair value, according to a source on the deal
Rare borrowers Burjeel Holdings and Avilease also marketing deals
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Flydubai printed a debut sukuk on Wednesday, receiving over $2.6bn in orders for its five year dollar deal. -
The Republic of Turkey raised $1bn with a 10 year sukuk on Tuesday, closing the gap between its conventional and Islamic funding costs to just a handful of basis points. Despite some disagreement over just how close the issuer got to conventional levels, the tight pricing provides ammunition for debt bankers trying to tempt other sovereigns into the Islamic market.
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Bahrain’s sovereign wealth fund Mumtalakat priced a seven year debut sukuk on Tuesday, which debt bankers said came flat to or even inside the sovereign curve. They put this down to credit quality, scarcity value and exceptional liquidity in the Middle East. But they felt that the additional rarity of the sukuk format was also a contributing factor, which other potential issuers should do well to note.
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Alistithmar Capital — a Saudi based asset manager — has hired Shariyah Review Bureau (SRB) to help it launch a series of Shariah compliant funds.
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Kuvyet Turk has hired banks for a ringgit sukuk deal of up to MYR2bn.
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Saudi firm Advanced Petrochemical Co sold a debut sukuk on Monday, placing a SAR1bn deal with domestic Saudi investors.
