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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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National Bank of Abu Dhabi will underscore its commitment to its wholesale banking business by splitting the UK part of its operations from its private banking arm and moving as many as 100 staff to Canary Wharf. -
The biggest month ever for international sukuk issuance has drastically rearranged the bookrunner league table as the market enters the final quarter of 2014. The barrage of benchmark deals has put a podium finish within reach for National Bank of Abu Dhabi, pulled CIMB up four places and sent Deutsche Bank down by the same number.
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Luxembourg never intended its debut sukuk to be a one-off sale, and its commitment to Islamic finance means it would make sense for the sovereign to return to market, a source at the Luxembourg ministry of finance told IFIS. But the transaction has also prompted other issuers across Europe to question what the potential benefits of sukuk could be, said bankers on the deal.
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General Electric will not issue a new sukuk when its outstanding debut deal matures in November, according to bankers familiar with the issuer’s plans.
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UAE based low cost airline Flydubai is working with a group of banks on a sukuk deal, and several other airlines are considering sukuk sales with Export Credit Agency (ECA) backing, a senior debt banker told IFIS. But structuring ECA-backed sukuk involves extra layers of complexity that could exclude all but the most determined borrower.
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Qatar’s Ahli Bank has closed a $200m debut syndicated term loan facility, increasing the size of the deal after its initial amount was oversubscribed.
