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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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Advanced Petrochemical Co (Advanced) will ask shareholders for approval to sell sukuk, as the company considers its first debt sale ever in the capital markets. -
Islamic Development Bank (IsDB) has picked lead managers for its next sukuk deal and will finish investor meetings on September 17 — giving the market all the mandates it needs for September to smash the previous record for monthly sukuk sales.
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Corporate and infrastructure sukuk issuance is set to rise in the years to come after a disappointing dip in 2014, according to Standard & Poor’s analysts. Low cost bank loans and conventional structures have eaten into sukuk sales, but supply should still rise in the years ahead, the rating agency said.
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Goldman Sachs is preparing a debut sukuk deal that could pave the way for other western banks to use Islamic finance to tap into a huge pool of Middle East liquidity. But much will depend on the pricing and whether Islamic investors accept the deal, which comes almost three years after controversy around Shariah compliance brought down the US firm’s first attempt at an inaugural sukuk.
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Malaysian banks are working with Swift (Society for Worldwide Interbank Financial Telecommunication) to design new standards on Islamic finance messaging.
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It was second time lucky for Khazanah Nasional this week, as the Malaysian sovereign wealth fund managed to complete a $500m exchangeable sukuk on Wednesday after pulling the same transaction just three months ago. Moving away from a very aggressive stance to slightly more investor-friendly terms helped get the transaction across the line, but it was an uphill battle all the way, writes Rashmi Kumar.
