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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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The National Bank of Abu Dhabi has hired Gary Dugan as global private bank chief investment officer and head of investment strategy.
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United Arab Emirates bank Al Hilal drew over $5bn of orders on Tuesday as it priced a $500m additional tier one perpetual sukuk at a yield of 5.5%, after twice tightening guidance from Monday’s 6% area initial price thoughts.
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Bank Muamalat Malaysia, the Indonesian Islamic bank's Malaysian arm, plans to set up a MR2bn ($365m) sukuk programme.
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Al Hilal’s additional tier one perpetual sukuk drew big demand on Tuesday and set a template for further deals of its kind. Not everyone was convinced that the aggressive price compensated for what was essentially equity risk, but while the doubters may rue missing out this time, investors should carefully heed the warnings they have raised.
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Gatehouse Bank has closed its first real estate financing deal, in what looks set to become a growing area of business for the firm.
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Albaraka Turk has priced $350m of five year sukuk at 6.25%, after drawing around $750m of orders. The Turkish participation bank previously indicated the deal would be benchmark size – typically $500m for international bonds, although sukuk arrangers sometimes use the term to describe smaller offerings.