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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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Hong Leong Islamic Bank has issued MR400m ($124.5m) of 10 year sukuk as a first tranche of its MR1bn Basel III-compliant programme. The deal comes as Public Islamic Bank is readying a MR500m first tranche of its MR5bn sukuk programme. -
Turkish participation banks Albaraka Turk and Kuveyt Turk have both received permission from the country’s Capital Markets Board to issue up to $500m of sukuk to foreign investors.
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Pakistan plans to establish Islamic economic centres across the country by the end of 2014, as part of its four year road map for Islamic banking.
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Bank of Tokyo-Mitsubishi UFJ will seek to issue up to $500m worth of sukuk through a multi-currency programme, including the first ever yen-denominated sukuk offering.
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The Malaysian government’s strategic investment fund, Khazanah Nasional, launched a five year exchangeable sukuk worth as much as $750m on Wednesday. However, its refusal to accept anything but the most ambitious terms led it to pull the deal the following day, making it a high profile casualty in what has been a resurgent Asian equity-linked primary market this year.
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Emaar Malls Group, fresh from placing a $1.5bn seven year Islamic loan last week, has picked eight banks for a benchmark dollar sukuk and lined up roadshows.
