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The country's curve has rallied since the US and Iran agreed on a peace MoU
Most of the demand came from local investors, as one banker expected
Price was 'way off' fair value, according to a source on the deal
Rare borrowers Burjeel Holdings and Avilease also marketing deals
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Albaraka Türk is facing calls from investors for a liquidity premium on its proposed sukuk, amid concerns that the deal's murabaha structure could mean that it is only tradable at par. The demands have drawn echoes with Goldman Sachs' ill-fated sukuk plans last year, which also followed a murabaha structure.
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JCR-VIS assigns local currency ratings on a national scale. Local currency rating on a national scale assumes the national government to be least risky, which is therefore implicitly assigned a 'کAAA' rating. These ratings represent an entity's ability to meet its domestic obligations in the local currency.
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JCR-VIS assigns local currency ratings on a national scale. Local currency rating on a national scale assumes the national government to be least risky, which is therefore implicitly assigned a 'کAAA' rating. These ratings represent an entity's ability to meet its domestic obligations in the local currency.
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JCR-VIS assigns local currency ratings on a national scale. Local currency rating on a national scale assumes the national government to be least risky, which is therefore implicitly assigned a 'کAAA' rating. These ratings represent an entity's ability to meet its domestic obligations in the local currency.
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Dubai based property developer; Nakheel has reported a net profit of Dh491m ($133.6m) in the first quarter, up 36 % on the Dh362m it made in the same period last year. Revenues rose 62% to Dh2.2bn. Nakheel said it is continuing to complete near term projects and has delivered some 5,400 since its 2011 restructuring, including around 770 in the first quarter this year. That puts it on course to deliver a targeted 3000 units this year. Those delivered so far have been mainly in Nakheel's Palm Jumeirah, Al Furjan, International City, Jumeirah Village, Jumeirah Park and Jumeirah Heights areas. It claims to be expanding its project pipeline to include Nakheel Mall and The Pointe at Palm Jumeirah, with other residential and retail projects under construction. Nakheel said that its focus is on meeting its restructuring commitments to stakeholders. By the end of the first quarter it had made Dh206m of interest payments to bank lenders and issued Dh120m in the fourth tranche of its trade creditor sukuk. Since restructuring, Nakheel has paid over Dh1.1bn in loan interest and sukuk profit payments and made cash payments of around Dh11bn to trade creditors and contractors.
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Karachi, April 19, 2013: JCR-VIS Credit Rating Company Limited has withdrawn the IFS rating of 'BBB+' (Triple B Plus) assigned to Saudi Pak Insurance Company Limited, with immediate effect, on account of non-renewal of rating contract.