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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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The National Bank of Pakistan has asked the State Bank of Pakistan’s permission to begin the due diligence process to buy smaller Islamic peer Burj Bank, as it looks to expand its presence in Islamic banking. -
The Central Bank of Bahrain has sold BD20m ($53m) of short-term sukuk al ijara with a higher subscription than last month’s issue.
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Gulf Finance House is planning to end a seven year sukuk absence with a $200m transaction which should pique the interest of high yield accounts and hedge funds, said one investor in London.
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Emirates Airlines has signed a $425m Shariah-compliant financing facility with three local banks to help it buy new aircrafts.
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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.
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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.
