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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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The Islamic Development Bank has taken advantage of pent up demand for sukuk, grabbing $1.5bn instead of $1bn and pricing inside guidance at 23bp over mid-swaps. The deal is a clarion call for the UK and Luxembourg to get on with issuing their own debut sukuks, said bankers. -
The sukuk market has started slowly in 2014, but IFIS data for announced deals suggests there is enough in the pipeline to surpass last year’s total issuance. High profile deals could come from both regular borrowers and those tapping the market for the first time.
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The drive among Malaysian Islamic banks to issue Basel III compliant sukuk is intensifying, with Public Islamic Bank becoming the third institution to push forward with plans this month and market participants saying that more could follow.
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The Republic of South Africa will “definitely” issue a debut sukuk this year and is targeting up to $750m from the deal, a national treasury official said on Wednesday.
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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.
