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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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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.
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Turkish participation bank Albaraka Turk (rated BB by Standard & Poor’s) has given initial price thoughts of low 6% area on a five year benchmark dollar sukuk.
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The Islamic Development Bank (IsDB) has approved financing facilities for various projects in member and non-member countries worth $447m, as the multilateral organisation celebrates its 40th anniversary.