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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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The Grand Duchy of Luxembourg intends to issue another sukuk, but is investigating different ways of structuring its second deal. -
Battersea Power Station closed a £1.35bn syndicated debt facility this week, which contained one of the largest ever sterling denominated Islamic tranches. UK based Islamic bankers felt the deal was strong demonstration of how international Islamic finance had become. Although debt bankers on the transaction argued it said more about Malaysia’s desire to promote Islamic finance.
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Bank Muscat is planning the first sukuk ever from an Omani lender, and will issue more than one deal next year, an official at the bank told IFIS.
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Low cost Malaysia airline AirAsia is setting up a mudaraba sukuk programme and plans to launch a subordinated perpetual deal.
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The Bank of England (BoE) will begin work next year on how to provide Islamic banks with Shariah compliant liquidity facilities. Even without knowing what rates or requirements the prospective facilities will involve, the UK’s Islamic lenders — long starved of Shariah compliant liquid assets — say anything will be better than holding cash.
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UK Export Finance (UKEF) — the UK’s export credit agency — is working on a guarantee structure for a sukuk sale. The deal is likely to appear early next year and could be the sukuk market’s first export credit backed aviation deal, although other aviation lenders are considering their own deals, said bankers.
