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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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A fresh wave of sukuk this week made September the biggest month ever for international sales of the product. But debut deals from Goldman Sachs and the Republic of South Africa have implications that go far beyond issuance records. These landmark transactions have paved the way for Western firms and African issuers to add their names to the expanding market. -
The Islamic Development Bank (IsDB) pierced its secondary curve on Thursday with a $1.5bn five year deal. IsDB is an established sukuk seller unique in its combination of regular benchmark issuance, triple-A ratings and Islamic operations. But the bank is still enjoying an impressive progression of tightening primary spreads that has now erased any hint of new issue concession.
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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.
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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.
