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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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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. -
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.
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CIMB is set to create Malaysia’s largest bank through a three way merger with RHB Capital and Malaysian Building Society. The institution could become a Southeast Asian giant, provided it can take full advantage of the synergies it needs to conduct.
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Turkey’s Islamic banks will have three state owned rivals rather than the two analysts had been expecting, according to statements from Turkey’s deputy prime minister this week. A state-owned trio with Islamic operations would inevitably cut into the existing Islamic banks’ market share, but some of Turkey’s Islamic banking practitioners managed to find a silver lining to the impending competition.
