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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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The Development Bank of Kazakhstan (DBK) is close to launching its debut sukuk, which it plans to sell in Malaysia. The deal, the first Islamic bond from the country, will be a quasi-sovereign issue, since DBK is wholly owned by the government of Kazakhstan.
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DIFC Investments has added to the brightening tone around Dubai government-related entities by meeting in full its $ 1 .25bn sukuk, which matured on Wednesday. The successful repayment came a day after peer company Jebel Ali Free Zone (Jafza) achieved over $2bn of orders for its new $650m seven-year sukuk, which will be used to help pay down early its existing deal.
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Dubai's Jebel Ali Free Zone issued its benchmark sukuk issue into strong demand on Tuesday, but investors say the uptake was skewed towards local buyers looking for yield rather than international participants seeking Gulf credit exposure.
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Shares of Malaysia Airlines (MAS) rose over 5% in early trading on Wednesday after the first tranche of its MR2.5bn sukuk programme was fully subscribed.
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Shares of Malaysia Airlines (MAS) rose over 5% in early trading on Wednesday after the first tranche of its MR2.5bn ($794.9m) sukuk programme was fully subscribed.