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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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Date posted: 16 May 2012
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Date posted: 16 May 2012
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Dubai Islamic Bank has released roadshow dates for its sukuk, undeterred by worsening market conditions in the conventional bond space. The meetings start in Kuala Lumpur on Thursday, moving to Singapore on Friday, Abu Dhabi on Sunday and finish in London on Monday. A dollar Reg S sukuk benchmark could follow.
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Banque Saudi Fransi (BSF) issued its debut benchmark sukuk at the tight end of guidance on Tuesday at 185bp over mid-swaps, after increasing the size of the transaction from $500m to $750m. Despite aggressive pricing and a volatile global market backdrop, the deal met strong demand, with a book of over $4bn from some 160 orders.