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Tight price and strong book reported as market awaits geographic breakdown
Flood of AT1s expected to follow the first public trade from the Gulf in over two months
Announcements could come as early as Monday, the two month anniversary of the last public GCC trades
Islamic investors have been a safe haven for Gulf issuers in the past, and can be now
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Saudi Arabian fashion retailer AlHokair signed a SR1bn ($267m) Shariah-compliant financing facility with Gulf banks on Thursday and is preparing to price a debut sukuk next week.
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Saudi Investment Bank has issued SR2bn ($533.23m) of sukuk for the first time, as the Kingdom’s banks aim to strengthen their capital bases to comply with Basel III regulations.
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Turkish participation banks Albaraka Turk and Kuveyt Turk have both received permission from the country’s Capital Markets Board to issue up to $500m of sukuk to foreign investors.
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Emaar Malls Group, fresh from placing a $1.5bn seven year Islamic loan last week, has picked eight banks for a benchmark dollar sukuk and lined up roadshows.
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Emaar Malls Group, fresh from placing a $1.5bn seven year Islamic loan last week, has picked eight banks for a benchmark dollar sukuk and lined up roadshows.
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Jordan will look to issue both local and foreign currency sukuk early next year, with ministry and central bank officials meeting over the next two to three weeks to discuss the debut plans.