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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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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.
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Kuveyt Turk gave initial price thoughts on Wednesday for a five-year dollar denominated sukuk at 375bp over mid-swaps. The Turkish participation bank plans to price $450m to $500m on Thursday, according to a banker on the deal.
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A single question regarding previous sovereign sukuk arranging experience may have determined the UK Treasury’s decision to rule out UK Islamic banks from the mandate for its sukuk debut, a conference heard on Wednesday.
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The Muscat Securities Market (MSM) Shariah Index revised its list of companies and will add two new firms to the index, bring the total number of total companies listed to 31.
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Turkiye Is Bankasi (Isbank) opened books on a seven year dollar benchmark on Wednesday morning, while Ziraat Bankasi will start a roadshow over a year after mandating for a debut deal in the same currency, GlobalCapital reports.