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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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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. -
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.
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The Islamic Development Bank will price a $1bn sukuk on Thursday following roadshows, an IsDB official said.
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The Central Bank of Bahrain has issued BD36m ($93.7m) of three month sukuk al-salam, with the sale oversubscribed by 325%.
