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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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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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Presented by Peter Hodgins (Partner) and Vasilis Katsipis (GM, Market Development) at Am Best, at The World Takaful Conference
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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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Egypt's religious authority Al-Azhar has softened its stance on a law for the country’s first sovereign sukuk, saying that it will give its approval providing some changes are made. Egypt is looking to raise between $500m and $1bn before the end of June.
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Investors labelled a $500m sukuk from Sharjah Islamic Bank this week as exceptionally tight, but the deal nonetheless drew $3.2bn of orders on Tuesday. The sukuk priced inside the initial guidance range, ending up with a profit rate of 2.95% after the leads mooted low 3% on Monday.
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The economic committee of Egypt's Shura Council has agreed to accept a $50m mudaraba loan from the Islamic Development Bank (IsDB). This will be used to support the growth and development of small and medium enterprises (SMEs) in Egypt.