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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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Société Générale has hired Karim El Zein for its Middle East DCM team. El Zein will be based in Dubai.
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Swiber Holdings on Monday priced only the second Singapore dollar sukuk of 2014. Ambitious issuers provide the Singapore dollar sukuk market with one or two deals each year, but what really hampers the market’s growth is not the lack of an established Singaporean Islamic investor base, but the lack of wider bond issuance in the currency, said debt bankers. -
Turkey's Yapi ve Kredi Bankasi astonished the market on Wednesday by seeming to accomplish what looked like an impossible feat — pricing a $500m five year bond in a day where its curve was sent 25bp wider in spread terms by US Treasury volatility.
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A grim secondary performance by Goldman Sachs’s debut sukuk has turned the deal into a ready weapon for anyone holding that the Islamic market is not ready for such non-halal borrowers. But despite the performance, Goldman's sukuk will be remembered as the issue that shook the market purists' defences.
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The dollar sukuk market is on course for a photo finish with 2012’s record volume, with flydubai pushing forward plans for a debut deal and market participants suggesting volatile macroeconomic conditions have added impetus for another prospective borrower, Turkey.
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Turkish Bank Asya has received approval for a capital raise worth twice the troubled Islamic lender's market capitalisation.
