Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
Turkish oil and gas firm offers a pickup to its parent and most other CEEMEA sukuk
Where the company's deal prices relative to its parent will be the topic of investor roadshows
Benin showed Islamic issuance is a viable market for sub-Saharan African sovereigns
Investors are still showing big demand for the Dubai real estate firm's sukuk despite two sell-offs in a year
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Luxembourg has rekindled its debut sovereign sukuk push, with its finance committee having nominated a new figurehead for the project and elected to revise its plans. -
The United Kingdom has pulled ahead decisively in the lop-sided race to issue the first Western sovereign sukuk, writes Dan Alderson. Tiny rival Luxembourg could only look on this week as UK borrowing officials roadshowed the groundbreaking offering across six Gulf and Asian money centres in three days — bolstering London’s bid for regional leadership in Islamic finance.
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Turkish banks pushed on apace with international funding drives this week, despite rising fears over Iraq knocking some froth off their recent strong rally. Isbank and Kuveyt Türk priced well with benchmark bonds and sukuk, while Albaraka Türk completed its sukuk meetings and Ziraat Bankasi announced plans to go on the road with a long-awaited inaugural dollar deal.
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This week’s CEEMEA and Latin American bond deals were trading up across the board on Friday, regardless of whether they offered chunky or non-existent new issue concessions, reports GlobalCapital. And while relative value rather than fundamentals drive investors’ decisions, the emerging market rally is only going to run and run, said bankers.
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Banque Saudi Fransi’s SR2bn ($533.2m) Basel III compliant sukuk this week has taken Saudi Islamic bond issuance this year close to the levels reached in the first half of 2012, the industry’s high point.
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Turkish participation bank Kuveyt Turk has priced a $500m five year sukuk at 340bp over mid-swaps, the tight end of refined guidance, after drawing $3.25bn of orders.
