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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 sovereign sukuk sector is poised for a breakthrough. The Republic of South Africa this week asked banks to submit advisory proposals for a benchmark government sukuk in the local and international markets. If the deal goes ahead, it would be the first sukuk by a country with a minority Muslim population. South Africa's move could herald a diversification into Islamic finance by other non-Muslim sovereigns. Australia and Brazil are two that market practitioners regularly identify as likely candidates. Other African countries are also waiting in the wings – as are South African corporates.
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Azerbaijani companies have this week opened up funding lines with the International Islamic Trade Finance Corporation (ITFC), a subsidiary of the Islamic Development Bank (IDB) Group. Commercial bank Amrahbank obtained its second $1.5m trade finance agreement from the ITFC, while leasing company Unileasing CJSC opened a $3.5m line of credit.
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Bahrain-based Gulf International Bank (GIB) has priced a three-year $300m sukuk-al-murabaha private placement. The December 7, 2014-dated certificates will pay a profit rate of 130bp over six-month US dollar Libor semi-annually.
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The first quarter of 2012 is shaping up to be a bumper month for sukuk issuance, with a number of companies that were previously anticipated to come to market in December now said to be eyeing January as a more likely window.
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Dubai-headquartered Emirates NBD could issue a benchmark-sized debut sukuk as early as next week, subject to market conditions. The bank is looking to come to market before the end of 2011 with a five-year deal through its Emirates Islamic Bank unit.
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Date posted: 6 December 2011