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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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. -
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.
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Risk management edged out a lack of standardised rules for shariah compliance as the biggest challenge facing Islamic banking businesses in a survey conducted by software and IT provider SunGard Financial Systems.
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Singaporean real estate invest trust Sabana Reit sold a S$100m ($78m) sukuk al-wakala bel-istithmar on Wednesday. Investors required no concession for the sukuk structure relative to a conventional deal, and any borrowers willing to step into the sukuk market in Singapore dollars or renminbi would be unlikely to pay a premium, said a banker on the deal.
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September’s international sukuk deals broke the collective record for international issuance in a single month, but have met with a mixed reception in the secondary market. Most of the bonds are at or above par. But a few have sunk in the secondary market and remain well back of the respective issuer’s conventional curve.
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Burgan Bank priced its debut additional tier one (AT1) bond in what bankers on the deal said were challenging conditions on Tuesday. While the point of non-viability (PONV) premium is up for debate, bankers away from the deal said that the deal looked to have been priced fairly.
