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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 United Kingdom drew a £2.3bn book in short order as it priced its long awaited £200m sukuk — the first by a western sovereign — flat to its 1.75% five year Gilt on Wednesday.
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United Arab Emirates bank Al Hilal’s tier one perpetual sukuk has rallied in secondary trading despite having set a price on Tuesday that was one of the tightest ever for a deal of its kind and too aggressive for some investors.
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Morocco delivered a surprise on Wednesday as its parliament’s lower house suddenly passed the country’s much delayed Islamic banking law – only a week after a senior official told IFIS the bill may not be ready until October.
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Albaraka Turk’s $350m sukuk held its own in early trading on Tuesday at par to one eighth over, despite needing two days to get $750m orders together for the deal.
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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.