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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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Abu Dhabi steel maker Emirates Steel has signed eight year refinancing and acquisition loans totalling $1.3bn, including conventional and Islamic tranches.
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Kuveyt Turk Participation Bank is embarking on a roadshow to market a dollar sukuk. -
Richad Soundardjee became Societe Generale’s chief region officer for the Middle East and chief executive officer of its Dubai office in October, having previously headed global capital markets for the CEEMEA region at the bank. He spoke with IFIS about SocGen’s plans for its Islamic finance business with a particular focus on structured finance – and how those two areas of business will play a part in the region’s development.
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A fat pipeline of sukuk and bonds before the end of the month should add to what is already one of the busiest quarters on record for Middle East dollar deals. With Ramadan and the summer slowdown approaching, this extra surge is a big test of market depth – particularly for sukuk – but it is one that that the market should pass comfortably.
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Saudi Arabian fashion retailer AlHokair signed a SR1bn ($267m) Shariah-compliant financing facility with Gulf banks on Thursday and is preparing to price a debut sukuk next week.
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Saudi Investment Bank has issued SR2bn ($533.23m) of sukuk for the first time, as the Kingdom’s banks aim to strengthen their capital bases to comply with Basel III regulations.
