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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 engineering firm Abdullah AM Al-Khodari Sons Co has signed a SR736m ($196m) Islamic financing facility, the borrower's second Shariah compliant deal in a fortnight.
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Saudi Hollandi Bank has privately issued a SR1.4bn ($373.3m) subordinated sukuk at 1.15% over the six month Saudi interbank offered rate. The bank said it will use proceeds to improve its tier two capital ratio.
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The Dubai office of international law firm Norton Rose has advised a syndicate of fourteen banks in relation to a senior unsecured US$900 million syndicated facility for First Gulf Bank PJSC (FGB). The facility is the largest loan market transaction undertaken by a financial institution in the UAE this year and is to be used by FGB for its general corporate purposes, including the expansion of its existing operations as well as its growing global footprint.
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National Bank of Abu Dhabi has issued a MR500m ($163m) 15 year sukuk, which it believes to be the first subordinated debt issued in Malaysia by a foreign financial institution.
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Manama, Bahrain – 22 November 2012 – The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities for the BD18 million issue, which carries a maturity of 91 days, has been oversubscribed by 278%.
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International legal practice Norton Rose has advised the Republic of Indonesia for a second time on another large scale international sukuk issuance. The firm advised the Republic of Indonesia on the establishment of a US$3 billion sukuk issuance program and the initial issuance of US$1 billion of sukuk under the program. The issuance, which closed on November 21, 2012, has a maturity of ten years, with periodic distributions of 3.3% per annum. The issuance was governed by English laws and was offered under Rule 144A and Regulation S of the US Securities Act to a broad range of investors based inside and outside the US.