Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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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 National Bank of Oman launched its debut offering on Tuesday morning. Market conditions have been less than ideal for the issuer, which opened books in a risk averse market.
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The Grand Duchy of Luxembourg paid a clear premium over its conventional curve to get a €200m inaugural sukuk away on Tuesday. But this concession was down to the small size and not the sukuk structure, said debt bankers on the bond. A much bigger problem with the debut deal was Islamic investors’ lack of familiarity with just how measly euro rates have become. -
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.
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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.
