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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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Please find the below short commentary from Jason Kabel, Head of Fixed Income at Bank of London and The Middle East:
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Source: The Edge Communications Sdn Bhd
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New Islamic banks set up in Oman will struggle initially to compete with established conventional banks offering Shariah-compliant services when the country opens up its banking market, according to Fitch Ratings. While there is demand for Islamic banking, and its growth across the Gulf region is likely to outpace that of conventional banking, the rating agency said that recent experience from Qatar suggests that customers in Oman will opt to get these services from established banks.
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Qatar Islamic Bank has issued a $750m five year sukuk at 175bp over mid-swaps – 15bp inside initial guidance – after receiving an order book heard by investors to be over $6bn. This put the final price roughly in line with where QIB's $750m October 2015 – the issue's only outstanding global note, launched in September 2010 – was trading pre-announcement.
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Takaful Ikhlas's president and chief executive officer Syed Moheeb Syed Kamarulzaman has retired from the firm after 10 years service. He decided to step down in September following a 38 year career in the industry, spanning Islamic financial protection as well as conventional insurance and re-insurance.
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Karachi, October 2, 2012: JCR-VIS Credit Rating Company Limited has reaffirmed the medium to long term entity rating of Grays Leasing Limited (GLL) at ‘BB-’ (Double B Minus) and short term rating at ‘B’ (Single B).