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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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The Central Bank of Bahrain (CBB) has raised BD20m ($53m) from its monthly issue of short-term sukuk al-Ijara. The notes, which carry a 182 day maturity (beginning March 21 and maturing September 19) were oversubscribed by 205% at BD41m.
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National Shipping Co of Saudi Arabia (Bahri)is weighing up plans to issue a début sukuk. The company would use proceeds to refinance debt it raised previously to purchase Saudi Aramco's $1.3bn Vela fleet last year.
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US headquartered firms Russell Indexes (part of Russell Investments) and IdealRatings have teamed up to launch a set of indexes for Shariah multi-asset investors. The Russell-IdealRatings Islamic Index Series is based on the Russell family of global indexes. The new index series is aimed at providing a new way to help investors in the Middle East with a mix of multi-asset investment consulting, investment management and fiduciary services and tools.
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Sadara Chemical Company has plans to issue between $1.4bn and $2.5bn worth of Saudi riyal denominated sukuk. The company - a joint venture between Saudi Aramco and Dow Chemical - has asked Deutsche Bank, Riyad Capital AlBilad Investment Company and Alinma Investment Company to arrange the deal.
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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 state-owned Investment Corporation of Dubai ( ICD ) has launched unsecured conventional and Islamic financing facilities totalling $2bn into general syndication.