Iraq smashed through fair value for its first bond deal in more than a decade as investors cast aside worries about the credit story in order to pick up yield.
Dana Gas may be sending a few tremors through the sukuk market as its restructuring of outstanding Islamic bonds becomes increasingly divisive but that is not stopping other issuers from exploring opportunities in the product.
A great outcome for Iraq for its US$1bn March 2023 offering. Most bankers thought the sovereign would need a seven handle for its first deal as a standalone credit in more than a decade. A couple of weeks ago, an eight handle wasn’t out of the question. So, to price at 6.75% surpassed most people’s expectations.