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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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Tharawat Investment House (Tharawat), an Islamic investment firm based in Bahrain, has reported 5.06% profit returns on its Tharawat Sukuk Fund for the second half of 2012. The fund achieved a total return of 9.44% in 2012 and a cumulative return of 21.98% since its inception in February 2010. Tharawat will distribute 4% for the period from July to December 2012, the sixth time of such distribution.
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The Malaysian capital market registered a record performance in 2012 with the overall size reaching RM2.5 trillion, a 16.4% increase from RM2.1 trillion in 2011. All market segments saw double digit growth between the range of 14.1% to 22.6%.
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Egypt’s finance ministry is looking to the last quarter of the fiscal year to issue the country’s sovereign sukuk. Speaking at a press conference in Cairo on Tuesday, Ahmed Nagar, a Freedom and Justice Party official charged with overseeing Shariah compliant finance, said that the government had taken proposals from the Islamic Research Academy into account and would ask Al Azhar University specialists to review the plans.
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Bahraini Islamic bank Al Salam has said that it is in merger talks with an unnamed regional bank.
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Dar Al Istithmar — the Shariah advisory firm at the heart of the Goldman Sachs sukuk controversy that saw the bank cancel plans for a $2bn deal — has closed down. The company failed to recover from a rift between staff and shareholders last year that resulted in the firm's senior management and much of its personnel leaving to join another firm, Khalij Islamic.
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The Republic of Indonesia is set to issue Rp1.5tn rupiah ($155.2m) of domestic sukuk on February 5 as it looks to bridge its budget deficit. The sale will see an auction of six month Treasury bills as well as five, nine, 14 and 24 year project based sukuk.