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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: 28 March 2012
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Emirates NBD has appointed Jamal bin Ghalaita as chief executive officer of its Dubai Bank unit. He will remain the CEO of Emirates Islamic Bank and continue to report to group chairman Ahmed bin Saeed Al Maktoum.
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Saudi British Bank issued SR1.5bn ($400m) of sukuk on Wednesday via its first private placement. The five-year floating rate notes were priced to return 120bp over the three month Saudi Interbank Offered Rate (Saibor) and offered to sophisticated domestic investors.
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Saudi Electricity Co's first international bond issue broke a heap of records on Tuesday, as investors piled into a $1.75bn sukuk that offered an exceptionally rare opportunity to buy debt that is a proxy for the Saudi sovereign.
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Saudi Electricity Company has launched a $1.75bn sukuk with both five-and 10-year tranches. The news confirms earlier rumours about the overall size and the deal's dual tenor, but at $1.25bn the 10-year component is much larger than the $750m that had been expected.
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The International Islamic Financial Market (IIFM) and the International Swaps and Derivatives Association, (Isda) have launched a profit rate swap product standard for Islamic hedging.