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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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24.06.2012, Jeddah, KSA - The world’s main rating agencies, Standard & Poor's, Fitch Ratings and Moody’s, have all recently reaffirmed their highest issuer rating “AAA” to the IDB’s enlarged US$ 6.5 billion Trust Certificate Issuance “Sukuk” Program and the US$ 800 million issuance in June 2012, thereunder.
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Olayan Group , a Saudi Arabian conglomerate with business lines in distribution, maufacturing, services and investment, has issued a debut sukuk. The privately placed SR650m ($173.3m) five-year deal was priced at 150bp over the Saudi interbank offered rate.
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Oman's Bank Muscat plans to sell Om96.7m ($251.17m) of shares to existing holders as it looks to fund its first forays into Islamic finance as well as expand its credit platform. The bank, which is 14.7% owned by Dubai Financial Group will sell 227 shares at 0r.427 rials each in a rights issue between July 9 and July 23,
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Bahrain looks set to offer more generous terms to access conventional funding this week than it did when tapping the Islamic market back in November.
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Dubai's Jebel Ali Free Zone (Jafza) has confirmed it repaid in full its Dh7.5bn ($2.04bn) sukuk last week on June 21 – five months ahead of its scheduled maturity on November 27. The sukuk was refinanced through a $ 1 .2bn Islamic loan, a new $650m five-year sukuk as well as the company's own cash.
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UAE housing provider Tamweel is aiming to issue a new sukuk at a much tighter price than its previous Islamic deal earlier this year – and the one recently issued by the company's owner Dubai Islamic Bank .