Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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Gulf investors 'will now look at every deal', whether sukuk or not
Demand from the Middle East for the sukuk was steady
Bond pricing for the mining company started about 43bp back of its parent
Sovereign wealth fund takes $2bn, as aimed at
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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.
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The Hong Kong government’s upcoming sukuk issuance could set an international benchmark for Islamic bonds and encourage multinational companies to follow suit, according to Rafe Haneef, chief executive officer at HSBC Amanah Malaysia.
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Turkiye Finans will look to issue $500m of five year sukuk on Tuesday, said investors, with pricing for the notes expected to come around 375bp over z-spread by at least one investor.
