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EM debt investors had largely expected a debt treatment would be required
Undisclosed institutional shareholder sells stake in Wednesday evening ABB
The country is unlikely to issue new dollar bonds in the near future despite a big rally in yields
Underwriting left unused after deal is 33% oversubscribed
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Fitch said it has withdrawn the expected B+ rating it previously assigned to the proposed sukuk of Turkish participation bank issuer Bank Asya . This follows the bank's decision to put the sale on hold because of the market environment. Asya had been looking to issue a sukuk of up to $300m. The bank said on Thursday, October 20 that it had mandated UBS and Citi for meetings with investors for a potential five year dollar sukuk, but underlying markets in Europe have progressively worsened since. This week core treasuries hit new record wides and even Germany's 10 year auction was deemed a failure by many traders.
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Manama, Bahrain - 28 November 2011 - The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities for the BD 18 million issue, which carries a maturity of 91 days, has been subscribed by 100%.
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