Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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Gulf investors 'will now look at every deal', whether sukuk or not
Demand from the Middle East for the sukuk was steady
Bond pricing for the mining company started about 43bp back of its parent
Sovereign wealth fund takes $2bn, as aimed at
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Using ijara sukuk and a highly reputed Shariah scholar can push up a sukuk issuers’ share price, according to a paper published by the International Monetary Fund paper published on Monday. Despite the high price commanded by top scholars, the study indicates that the premium issuers pay for their reputation is worthwhile. And despite the popularity of musharaka and mudaraba structures, equity investors are far happier to see a company issue ijara. -
Luxembourg, which is gearing up to sell the first euro denominated sovereign sukuk, is set to meet investors in Asia, Europe and the Middle East at the end of September. It has hired a pair of banks to lead the project.
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United Arab Emirates corporate Emirates District Cooling (Emicool) has signed a 12 year $245m Shariah-compliant refinancing facility with Dubai Islamic Bank, adding to the swathe of UAE corporates that have been choosing to refinance deals early because of the favourable funding conditions on offer.
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Pakistan has mandated four banks to arrange it’s second ever dollar denominated sukuk despite its conventional bonds having lost 3-4pts in cash since the start of June.
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Palm Hills Development is preparing to sign E£2.4bn ($336.5m) Shariah-compliant loan with local banks and could expand the banking group, according to a statement from the issuer.
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Indonesia is planning investor meetings ahead of its new sukuk deal likely to be launched in September, said Indonesian treasury officials and bankers on the deal. The political backdrop has calmed down after Joko 'Jokowi' Widodo’s election as President in July and Indonesia spreads still historically tight, said investors. But the sovereign’s conventional spreads have widened some 20bp in the last few trading sessions and its previous dollar sukuk is trading well back of its conventional curve.
