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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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The government of Dubai is facing a "pivotal year" in 2014 as the emirate faces $22bn of maturing sovereign debt, according to a Moody's research note.
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Emirates, the UAE-based airline, has given initial profit rate talk of 300bp to low 300s over mid-swaps for a 10 year amortising sukuk. The Reg S only dollar denominated benchmark deal is set to be priced this week.
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Qatar International Islamic Bank has received approval from its general assembly to set up a $2bn sukuk programme. The bank recommended the plans to its annual general meeting on Sunday in Doha.
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Kuwaiti company The Investment Dar has sold its 51.6% stake in Bahrain Islamic Bank to National Bank of Bahrain and Social Insurance Organisation. The two firms bough up 25.8% each.
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Qatar plans to issue QR4bn ($1.1bn) of bonds and sukuk in quarterly instalments, according to the state run Qatar News Agency. The central bank will sell the local currency denominated notes (of which QR1bn will be sukuk) in three year and five year maturities.
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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.