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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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FWU Group has closed the second tranche of its $100m sukuk al wakala programme.
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Damac Real Estate Development's sukuk this week has blazed a trail for sub-investment grade borrowers as Middle East investors start to migrate down the credit spectrum. Bankers close to the $650m deal said that Damac’s tight print at 310bp over mid-swaps late on Wednesday would serve as great encouragement for double B and single B rated names to come to market, including those that have not done so before.
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Having passed a bill at the end of March to issue sukuk, Hong Kong has begun taking further steps towards bringing a debut deal.
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Saudi Electricity Co priced $2.5bn of dollar sukuk late on Tuesday — its biggest ever offering — inside initial guidance.
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Damac Real Estate Development’s debut sukuk helped get Middle Eastern capital market volume off to a strong start for the second quarter, as the company priced a bigger than expected $650m inside guidance late on Wednesday, with over $2.7bn of orders. -
International Telecommunications Group Batelco is buying back $131.4m of its 2020 bonds, and expects to settle the transaction on Friday. The Bahraini issuer paid a decent premium for the tender offer, designed to use excess cash on its balance sheet, said a banker on the deal.
