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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 has set its sights on issuing a dollar benchmark deal before the end of November, having pushed forward the six month timetable that bankers close to the deal recently outlined. But like many prospective borrowers, it will hope that Wednesday’s volatile markets are not a lasting feature in the run up to year end.
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Gatehouse Bank has bought the freehold interest of the Omega building at Capitol Park in Thorne, Doncaster.
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Malaysia Marine and Heavy Engineering (MHB) is looking to issue up to MR1bn ($306m) through a murabaha sukuk programme.
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The Central Bank of Bahrain has received a 385% oversubscribed order book for its latest BD20m monthly sukuk al ijara sale.
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Hopes are fading that the sukuk market will see a record level of dollar issuance in 2014, with bankers suggesting that there may be only two or three more international deals to print before the end of December. But, depending on improving market stability, the year could still be on for a photo finish with 2012.
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A grim secondary performance by Goldman Sachs’s debut sukuk has made it a soft target for anyone who holds that the Islamic market is just not ready for such non-halal borrowers. But far from illustrating that thesis, Goldman will be remembered – not least by conventional borrowers – as the bright spark which debunked the market’s defences and blew the door open for all and sundry to follow.