Nov 09 2010
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Economic performance: QIB's sukuk is oversubscribed eight times
Coinciding with the release of the Q-Tel's bonds, Qatar Islamic Bank ( QIB ) successfully issued its debut sukuk (Islamic securities), which were eight-times oversubscribed, with the US$750m five-year sukuk fetching orders worth US$6bn. The offer is the first international sukuk transaction from a non-sovereign investment-grade Qatari issuer. Its oversubscription and low pricing mark a sharp revival of the Islamic finance market since 2007, as confidence returns to the markets after the uncertainty caused by the Dubai World crisis. Gulf issuers plan about US$4.8bn of sukuk sales for the fourth quarter, more than double the US$2.1bn estimate for Asian issuance, according to data compiled by the Bloomberg news service. The average yield for sukuk sold by Gulf issuers dropped by 129 basis points in the third quarter, to 6.19%.
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