Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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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 UK government’s unveiling of plans to expand its Help to Buy guarantee scheme to Islamic mortgages has rightly caused a buzz, having levelled the playing field for Islamic banks and their customers. But while this and other recent announcements have provided great PR for the UK as a western hub for Islamic finance, in practical terms the government is still testing the water. -
Pakistani commercial bank MCB plans to buy a majority stake in smaller Islamic peer Burj Bank, as it looks to build its Islamic banking subsidiary. The plan echoes Pakistan's bigger push towards Islamic banking, with a growing number of conventional banks looking to enter the market.
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Prospective international sukuk debutante Morocco is pushing ahead with plans to introduce Islamic banking for the first time, with parliament set to take a vote on the government’s draft bill as early as April.
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The international sukuk drought is over — and how. Dubai Investments Park and the Export Import Bank of Malaysia secured tightly priced debuts this week amid a deluge of demand that spoke volumes about investors’ need for more Islamic issuance and a greater diversity of borrowers.
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Dubai Investments Park gave initial price thoughts of low 300bp over mid-swaps on its $300m five year debut sukuk on Wednesday, but investors are expecting much tighter pricing. Leads tightened guidance to 300bp area and the note was already trading up in the grey market around half a point.
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SapuraKencana Petroleum has redeemed early and cancelled its MR700m ($210.6m) sukuk programme. The Malaysian oil and gas company ended the facility as it closes in on a raft of loan tranches worth $5.8bn, for which it has received commitments from around 12 banks.
