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Near $1bn attrition from an order book on Tuesday shows buyers have limits
Another Dubai real estate firm priced fresh sukuk well inside its curve
After a very busy period since June began, the pipeline has thinned out
Another Saudi lender is preparing a senior debut
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Senegal has closed and priced its debut XOF100bn ($200.5m) four-year sukuk with a 6.25% profit rate, the first medium term Islamic bond offering out of Africa of 2014 and the first Sub-Saharan sovereign sukuk ever apart from Nigeria's State of Osun last year.
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While both global and dollar sukuk issuance so far this year passed 2013’s running total by the end of the second quarter, the year’s slow start has still not been shaken off by Malaysian borrowers – the main driver of volumes in recent years. The Malaysian sukuk market still lags 2013 levels, although the gap has closed and there are plenty of positive signs for development in the region.
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Luxembourg’s KBL Bankers returned as a primary dealer for the International Islamic Liquidity Management Corp’s seventh sukuk, as the company reissued its rolling $860m of three-month commercial paper on Thursday.
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Islamic Finance Advisory and Assurance Services (IFAAS) has signed a memorandum of understanding with the Bahrain Institute of Banking and Finance to develop Islamic finance training programmes and conduct research together.
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Oman Trading International, the Dubai-based energy commodities trader, has signed a $1.05bn three year borrowing base refinancing facility, GlobalCapital reports.
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International law firm Watson, Farley & Williams plans to enter the Middle East for the first time by opening an office in Dubai.