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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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Dubai based Nakheel issued a Dh120m ($32.6m) fourth tranche of its trade creditor sukuk on Tuesday. The deal is part of the property developer's $16bn restructuring plan. The new sukuk issuance takes Nakheel's total amount issued from the programme to Dh4.27bn ($1.16bn), the company said. The developer, wholly owned by the Dubai government, has said it has paid around Dh10bn ($2.72bn) to various trade creditors and contractors since November 2009. In January, Nakheel issued sukuk worth Dh121m ($32.9m). The first tranche was issued in August 2011.
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The UK government has launched an “Islamic Finance Task Force” as it looks to boost London’s status as a western hub for Islamic finance. The task force is charged with supporting the development of the sector in the UK, increasing inward investment and strengthening the economy.
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Emirates, the UAE based airline, has launched a $1bn 10 year amortising sukuk at 300bp over mid-swaps. Books have closed and the Reg S only dollar denominated deal is set to be priced today.
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Emirates, the UAE based airline, has priced a $1bn 10 year amortising sukuk at 300bp over mid-swaps. Books closed before midday London time and the Reg S only dollar denominated deal was completed in the afternoon.
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The Islamic Development Bank has agreed $50m of youth employment support financing with Yemen. Ahmad Mohamed Ali, chairman of the IsDB group, signed the agreement last week at an event in London with Mohammed Saeed Al-Sa'adi, Yemeni minister of planning and international cooperation and the country's IsDB governor.
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United Arab Emirates business hub Dubai Airport Free Zone Authority (Dafza) has signed Shariah-compliant financing facilities totalling Dh500m ($136m) from Abu Dhabi Islamic Bank .