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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 Arabia's National Industrialisation Co (Tasnee) has priced a SR2bn ($533.3m) début sukuk – the first tranche from a SR5.575bn programme. The seven-year deal was privately placed and will pay 105bp over the six-month the Saudi interbank offered rate (Saibor).
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Dubai Islamic Bank's newly issued $500m five year sukuk has met with a strong secondary market reception, trading up as much as half a point above par since it was priced on Tuesday afternoon. DIB priced the dollar Reg S benchmark sukuk at 365bp over mid-swaps, 10bp inside initial guidance.
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The Asian Development Bank (ADB) has participated in its first Shariah-compliant project financing by providing assistance to two wind farm projects close to Karachi in Pakistan. The facility uses two partial credit guarantees worth up to $66m to the Islamic Development Bank ( IDB ).
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Malaysia Airlines (MAS) wants to launch a 10-year ringgit sukuk programme of up to MR2.5bn ($794.9m) as the first pillar of a three-part proposal to shore up its working capital. It hopes to issue the first MR1bn tranche in June, subject to obtaining regulatory approval.
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Dubai Islamic Bank has launched its five-year dollar Reg S benchmark sukuk at 365bp over mid-swaps, 10bp inside its 375bp initial price guidance. The deal is expected to price in the early afternoon on Tuesday, UK time.
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Dubai Islamic Bank has launched its five-year dollar Reg S benchmark sukuk at 365bp over mid-swaps, 10bp inside its 375bp initial price guidance. The deal is expected to price in the early afternoon on Tuesday, UK time.