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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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Gulf Finance House will seek approval from its shareholders this month to issue $500m of convertible sukuk or other facilities.
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Pakistan’s central bank has blocked Noor Financial Investment from selling its majority stake in Meezan to Hong Kong’s Vision Financial.
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The race to be the first European country to issue a sovereign sukuk has taken a twist, with Luxembourg’s Council of State rejecting a first version of the Grand Duchy’s draft bill. Its government and parliament are expected to propose a number of amendments to the sukuk law over the coming weeks, said a Council of State official – a process that may set back plans for a debut €200m deal.
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Dubai’s recent rollover of $10bn in debt extended to it by the United Arab Emirates’ central bank was widely hailed at the time as a positive by market participants. But the lack of forthcoming detail since on the new terms and tenors of the arrangement has prompted concern for some investors.
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Saudi Electricity Co will test demand for long term sukuk with a minimum 15 year tenor when it comes to market — the first borrower to look beyond five years in the asset class since the sell-off that hit emerging markets in May last year. -
Having peaked at this time last year, issuance of long dated sukuk has since become almost impossible for all but a very select group of borrowers, say market participants.
