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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The Islamic Development Bank (IsDB) opened books on a new benchmark sukuk on Wednesday that could take international sukuk issuance to a new monthly record. -
Goldman Sachs printed a successful debut sukuk this week, which debt bankers and structurers involved in the transaction are hoping can help draw other western issuers into a rapidly broadening sukuk market. But syndicate officials away from the trade disputed claims that pricing was flat to a theoretical conventional bond, and felt a poor first day’s trading meant the sukuk was not a success in the secondary market.
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South Africa priced a $500m debut sukuk to yield 3.9% on Wednesday afternoon — a landmark deal in a continent enjoying an influx of Islamic money. But as with other inaugural sukuk offerings there was no hint of consensus over the sukuk’s concession to the conventional curve.
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Luxembourg has set dates for investor meetings ahead of the first euro denominated sukuk from a sovereign entity, and the prospective five year bond could be priced flat to mid-swaps, said a banker on the deal.
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The South Africa sukuk might well go fine, but that doesn’t mean it was a good idea. The country is in no position to pay away basis points for spurious long term diversification benefits, and has no ambition to build a domestic Islamic finance market.
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Goldman Sachs priced a $500m debt sukuk deal on Monday with just a 5bp premium over its conventional curve.
