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The Gulf kingdom is trying to tackle a very wide deficit and sky-high debt to GDP
Gulf investors 'will now look at every deal', whether sukuk or not
Demand from the Middle East for the sukuk was steady
Bond pricing for the mining company started about 43bp back of its parent
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Malaysian real estate giant KLCC Property Holdings has moved closer to launching a stapled real estate investment trust — and the deal looks likely to be followed soon after by a secondary sell-down from its main investor.
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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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Islamic finance in the UK has this week been boosted by two big announcements, but the government can do more, according to Bank of London and the Middle East.
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After two quiet months, the international sukuk market is ending the quarter with a flourish, with $2bn of notes pricing this week.
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Corporate sukuk added flavour to the Islamic feast this week, as Emirates, the UAE-based airline, priced a $1bn 10 year amortising sukuk. The deal was issued at 300bp over mid-swaps and received a three times covered order book.
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Oman plans to issue as much as OR200m ($520m) of conventional bonds and sukuk. The move would see the first sovereign sukuk issue for the sultanate, which over the past year has pushed ahead rapidly to develop an Islamic finance industry.