Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
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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Debt bankers on and off the Goldman Sachs debut sukuk failed to find common ground in assessing the deal’s secondary performance this week. Trading levels — whether over mid-swaps or on a cash price basis — varied widely. But there was at least a hint of agreement that more time was required before bringing judgement on execution. -
The Republic of South Africa printed a debut sukuk this week, which represented a tightly priced first foray into a new investor base for the issuer and a benchmark for the country’s corporates to follow, said bankers on the deal. But their counterparts away from the transaction questioned the claims of tight pricing and pointed to what they saw as a sour performance in the secondary market.
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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.
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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.
