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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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Saudi Arabia's National Industrialisation Co (Tasnee) has agreed a SR4bn ($1.06bn) murabaha facility.
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Saudi Arabia’s General Authority for Civil Aviation (Gaca) has issued SR15.2bn ($4.05bn) of sukuk, the second tranche of its Islamic debt programme.
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The Middle East subsidiary of Indian textile firm Alok Industries has signed a $150m syndicated murabaha facility.
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Turkey has given initial price thoughts of 325bp over mid-swaps area for its return to the international sukuk market. -
Islamic banks in the GCC are likely to grow faster than their conventional counterparts and increase their share of regional banking assets, said Standard & Poor's on Tuesday. But profitability rates for the two banking models are converging as Islamic banks are taking more of a hit from lower interest rates and non-core banking revenues than their conventional peers, the rating agency added.
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Abu Dhabi bank Al Hilal drew a $6.3bn book as it priced a $500m five year debut sukuk at 170bp over mid-swaps, inside the 190bp guidance it gave on Monday.
