Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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Gulf investors 'will now look at every deal', whether sukuk or not
Demand from the Middle East for the sukuk was steady
Bond pricing for the mining company started about 43bp back of its parent
Sovereign wealth fund takes $2bn, as aimed at
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UAE based low cost airline Flydubai is working with a group of banks on a sukuk deal, and several other airlines are considering sukuk sales with Export Credit Agency (ECA) backing, a senior debt banker told IFIS. But structuring ECA-backed sukuk involves extra layers of complexity that could exclude all but the most determined borrower.
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Qatar’s Ahli Bank has closed a $200m debut syndicated term loan facility, increasing the size of the deal after its initial amount was oversubscribed.
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The National Bank of Oman launched its debut offering on Tuesday morning. Market conditions have been less than ideal for the issuer, which opened books in a risk averse market.
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The Grand Duchy of Luxembourg paid a clear premium over its conventional curve to get a €200m inaugural sukuk away on Tuesday. But this concession was down to the small size and not the sukuk structure, said debt bankers on the bond. A much bigger problem with the debut deal was Islamic investors’ lack of familiarity with just how measly euro rates have become. -
Luxembourg is expected to price its inaugural Islamic bond through mid-swaps on Tuesday, having started execution around 10bp back of its conventional curve, said debt bankers away from the deal.
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Bank of Tokyo-Mitsubishi UFJ Malaysia paid a liquidity premium for its recent yen sukuk — the first Islamic bond ever in the currency — but found decent appetite despite yen investors’ lack of familiarity with sukuk products, the bank’s chief executive told IFIS.
