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Turkish oil and gas firm offers a pickup to its parent and most other CEEMEA sukuk
Where the company's deal prices relative to its parent will be the topic of investor roadshows
Benin showed Islamic issuance is a viable market for sub-Saharan African sovereigns
Investors are still showing big demand for the Dubai real estate firm's sukuk despite two sell-offs in a year
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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. -
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.
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Emaar Malls raised $1.6bn through an IPO completed over the weekend, which bankers hope could open up what they have called one of the biggest liquidity hubs in the world.
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Shareholders in Dubai mortgage lender Amlak Finance approved on Sunday the firm’s plans to issue convertible Islamic securities as part of debt restructuring talks that began in January 2013. But the company could still do with a supportive partnership with a local Islamic bank, said one analyst.
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Bank of Tokyo-Mitsubishi UFJ’s Malaysian arm sold the first ever yen sukuk on Thursday, selling a ¥2.5bn ($22.9m) tranche as part of a dual tranche deal from its new $500m wakala bil istithmar programme.
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Luxembourg is likely to launch its debut sukuk next week in advance of the Eid holidays. The issuer’s prospective five year transaction could be priced flat to or even through mid-swaps, but unlike the UK’s inaugural sukuk, Luxembourg is likely to have to offer a premium to its conventional curve, leads admitted.
