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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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Standard Chartered syndicate official James Nelson is moving within the bank to become head of Africa DCM.
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The International Islamic Liquidity Management Corporation (IILM) has auctioned its third $490m short term dollar sukuk.
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When General Electric issued a debut $500m sukuk five years ago it did not receive a great deal of acclaim. But with the company considering another potential Islamic deal later this year, neither it — nor other rumoured western first time borrowers such as Total — should fear for a bad result this time round.
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The Islamic Development Bank has given initial price thoughts of mid to high 20bp over five year mid-swaps for a benchmark dollar sukuk.
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Pakistan has increased its commitment to Islamic finance in the country, with the central bank publishing an Islamic banking road map for the next four years.
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Bahrain’s Al Baraka Banking Group plans to expand its overseas operations later this year will issue sukuk to finance them.