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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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Mumtalakat priced a debut sukuk deal on Tuesday afternoon almost flat to the sovereign curve.
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Turkey launched its first 10 year sukuk on Tuesday morning in an effort to create a proper Islamic curve. The $1bn deal was comfortably subscribed, with only marginal disagreement between debt bankers on and off the deal over the concession relative to Turkey's conventional debt.
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The Republic of Turkey will price a 10 year dollar sukuk on Tuesday, after releasing initial price thoughts on Monday that some debt bankers felt were on the cheap side. -
Fitch has placed Jebel Ali Free Zone’s (Jafza) issuer and sukuk ratings on Rating Watch Positive (RWP), after DP World announced it plans to buy Jafza and the rest of Economic Zones World.
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Bahrain’s sovereign wealth fund Mumtalakat will price a seven year debut sukuk transaction of up to $600m on Tuesday.
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Nigeria is not planning to tap the international debt capital markets in 2015, but its next conventional dollar bond will likely be a 30 year and the country is also considering other markets such as Asian currencies and sukuk, Abraham Nwankwo, director general of the country’s debt management office told GlobalCapital.
