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Islamic Finance

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Gulf investors 'will now look at every deal', whether sukuk or not
Demand from the Middle East for the sukuk was steady
Bond pricing for the mining company started about 43bp back of its parent
Sovereign wealth fund takes $2bn, as aimed at
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  • Etihad Airways on Wednesday printed its first standalone bond — a privately placed dollar sukuk — after a three day execution process, navigating difficult markets to raise $1.5bn.
  • HSBC has tapped a senior investment banker from Credit Suisse to lead a division of its private bank, naming Johnny Liu as managing director and regional head of global solutions group (GSG), Asia Pacific.
  • HSBC has appointed Arsalaan Ahmed to helm its Malaysian Islamic banking operations, the bank said in a statement.
  • Ahli United Bank Kuwait has opened books on a perpetual dollar sukuk after wrapping up investor meetings on Monday, books were oversubscribed and were due to close on Tuesday, according to leads.
  • Malaysia’s Tenaga Nasional sold its first dollar sukuk on Wednesday, attracting $2bn of bids as investors shrugged off concerns around the country. While participants said that that the sukuk market has always been open for borrowers, they are hoping that the power company’s deal will fuel more issuance. Addison Gong reports.
  • Malaysia’s Tenaga Nasional, which set up a $2.5bn multi-currency sukuk programme at the start of the month, has kicked off its first dollar outing in about 15 years.