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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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Majid Al Futtaim and Abu Dhabi National Energy Company (Taqa) have continued the theme of United Arab Emirates borrowers issuing longer term paper, reported GlobalCapital, with both firms looking to price 10 year bonds on Tuesday.
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Arab Petroleum Investments Corporation (Apicorp) has signed a five year murabaha facility with Saudi Arabia’s Al Rajhi Bank for SR1bn ($267m). -
Citadel Capital has sold its majority stake (66%) in Sudanese Egyptian Bank for $22m to the Islamic Solidarity Bank of Sudan.
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Eastern Sugar Co (Nuran Sugar) has signed its long awaited Shariah-compliant financing worth E£1.5bn ($217m) with 13 banks in total according to a senior banker on the deal.
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Abu Dhabi bank Al Hilal has launched its Global Balanced Fund, a Shariah-compliant fund which will invest in global equities and sukuk.
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Dubai’s decision to cut the minimum size requirement of sukuk issued in the emirate to just Dh10m ($2.72m) from its previous Dh50m is likely to help the return of domestic deals, said market participants. But while welcomed, some warned that this could lead to risks for retail investors.
