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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 International Islamic Liquidity Management Corp (IILM) plans to re-issue $860m of short-dated, commercial paper style sukuk on Monday.
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The possible resolution of a dispute over Ian’s nuclear programme next month could trigger a surge in interest by global investors in a country that has been off limits for many years.
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The Islamic Corporation for the Development of the Private Sector (ICD) has signed an agreement with the Japan International Cooperation Agency (JICA) to support Islamic money markets and international capital markets in their countries of common interest.
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The Republic of Tunisia looks set to join the growing number of sovereign borrowers to issue a debut sukuk in 2014, having requested proposals from banks for a five year deal before the end of the year.
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Bank Islam Malaysia is set to launch a MR1bn Basel III compliant sukuk programme, following a trend among Malaysian banks this year.
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Goldman Sachs’ sukuk has provided a useful lesson for other conventional borrowers looking at the asset class. Opinions are divided on the merits of non-Islamic borrowers testing the market, but bankers both close to and away from the deal agree that a wider distribution would be better for future debuts.