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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Middle East bond issuance came roaring back this week, as the Dubai government and Qatar Telecom broke new ground for the region with long dated, dual tranche deals. The two borrowers aggressively priced a total of $2.25bn of paper, catapulting their curves forward with 30 year offerings — something very seldom seen in the region, writes Dan Alderson.
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Dubai property developer Nakheel may look to refinance its sukuk borrowings this year, the firm said on Wednesday as it reported growing 2012 profits, but one analyst slapped a "sell rating" on the sukuk and said that investors are incorrectly pricing default risk.
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JP Morgan plans to make a bigger push in Islamic finance - including sukuk arranging - and has appointed Hussein Hassan to a newly created role as global head of its Islamic finance practice.
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The Dubai government made a momentous return to the sukuk market on Tuesday, achieving a $11bn order book for its aggressively priced $750m 10 year deal, and then opting to add a $500m 30 year conventional tranche — its first ever issuance at that tenor.
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Malaysian conglomerate Sime Darby drew almost $9bn in orders for its dual-tranche dollar sukuk on Wednesday, smashing records with a low coupon on its five year bond — and becoming the first privately-owned company to push sukuk maturities out to 10 years.
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Dubai property developer Nakheel may look to refinance its sukuk borrowings this year, the said firm said on Wednesday as it reported a Dh2.02bn profit ($549.15m) profit for 2012. This was up 57% on 2011, while revenues in 2012 were up 91% to Dh7.8bn, from Dh4.1bn in 2011.