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Trade was the largest so far from the Dubai property developer
Turkish oil and gas firm offers a pickup to its parent and most other CEEMEA sukuk
Where the company's deal prices relative to its parent will be the topic of investor roadshows
Benin showed Islamic issuance is a viable market for sub-Saharan African sovereigns
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Emirates' newly priced $1bn 10 year amortising sukuk, issued at 300bp over mid-swaps, received a three times oversubscribed order book. Despite the strong response, most of the UAE based airline's deal allocation (85%) went into the MENA region — with 73% of the demand coming from banks. Only 7% went to European investors, 5% to Asia and 3% to US offshore.
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Karachi, March 13, 2013: JCR-VIS Credit Rating Company Limited (JCR-VIS) has maintained the rating assigned to TFC-1 issue of Rs. 500 million of Escorts Investment Bank Limited (EIBL) at 'BB' (Double B). The "Rating Watch - Developing" status has been removed and Outlook on the assigned rating is "Negative".
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Sharjah Islamic Bank has reported a Dh272m ($74m) net profit for 2012 - up 8% on the Dh251.1m it achieved in 2011. The bank's board has suggested a cash dividend of 6% of the nominal value of shares, amounting to Dh145.5m.
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Dubai Islamic Bank opened books today on its benchmark size perpetual tier one sukuk, having completed roadshows. Initial guidance for the deal, which is expected to price this week, is in the 7% area.
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Dubai Islamic Bank has drawn an order book of over $10bn for its benchmark size perpetual tier one sukuk, having completed roadshows on Tuesday. The company tightened official guidance for the deal, which is expected to price on Wednesday during the London session, from an initial 7% area to around 6.5%. Final pricing could come an eighth of a point either side of that, with the deal including a private banking rebate of 50 cents.
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Dubai based Nakheel issued a Dh120m ($32.6m) fourth tranche of its trade creditor sukuk on Tuesday. The deal is part of the property developer's $16bn restructuring plan. The new sukuk issuance takes Nakheel's total amount issued from the programme to Dh4.27bn ($1.16bn), the company said. The developer, wholly owned by the Dubai government, has said it has paid around Dh10bn ($2.72bn) to various trade creditors and contractors since November 2009. In January, Nakheel issued sukuk worth Dh121m ($32.9m). The first tranche was issued in August 2011.