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Saudi Arabian banks are stocking up on capital to fund the country's huge investment plan
Near $1bn attrition from an order book on Tuesday shows buyers have limits
Another Dubai real estate firm priced fresh sukuk well inside its curve
After a very busy period since June began, the pipeline has thinned out
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Maisarah, the Islamic banking unit of Bank Dhofar, has signed an agreement with Al Madina Takaful to offer takaful services to its customers.
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Noor Financial Investment has failed for a second time to complete the sale of its majority stake in Meezan Bank to Hong Kong’s Vision Financial. Pakistan’s central bank has blocked the sale again, following an initial rejection last month.
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Bahrain’s Gulf Finance House will push on with plans to issue $500m of convertible sukuk or other credit facilities, after receiving approval from its shareholders at the bank’s extraordinary general meeting on Monday. -
The Central Bank of Bahrain will pay just 0.9% expected return on its latest BD20m ($53m) of short term sukuk al ijara. This is the latest grind tighter on a run that has seen it come in from 1.25% on its January offering.
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At $1.5bn, the order book for Turkiye Finans’s $500m sukuk return on Tuesday was not to be sniffed at. But demand didn't reach the dizzy heights of this year’s other dollar sukuk deals, and that is thanks to the market’s last issuer, Damac Real Estate Development.
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Turkiye Finans priced its $500m five year sukuk inside guidance at 5.375% on Tuesday. But while some market participants felt the early $750m interest received signalled a "sluggish" bookbuild, this grew to $1.5bn despite the tighter price – and demand continued in the secondary market.
