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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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Etiqa Takaful, Malaysia’s biggest takaful operator, is planning a debut MR300m ($91.4m) sukuk – in what looks to be the first of its kind by an Islamic insurer in the country.
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The Central Bank of Bahrain has begun a consultation with the kingdom’s Islamic banks on new rules designed for what it terms “special murabaha” financing contracts by the banks.
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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.