Dubai Electricity & Water Authority has priced a $1bn five year benchmark sukuk at a 3% profit rate. Leads launched the dollar denominated ijara (asset leasing) deal on Thursday morning, having tightened from it from earlier guidance in the 3.125% area. "This is bang on what I was expecting," said one UAE based portfolio manager. "Three percent is tight relative to the conventional Dewa '20s — adjusted for longer duration, which trades at a big price premium, but then this is a sukuk." In spread terms, Dewa's sukuk came in at 207.2bp over mid-swaps, or 223.4bp over US Treasuries. The manager noted that the Dubai 2017-dated sukuk trades at a z-spread of around 223bp. Dewa's extra duration puts the new deal in line with this paper. "Add 76bp for the five year swap and you get to 2.99%," he said. London books for the Dewa sukuk went subject at the close of business on Wednesday, with the Middle East and Asia following on Thursday morning. State-owned utility company Dewa asked Abu Dhabi Islamic Bank , Citi, Dubai Islamic Bank , Emirates NBD , Royal Bank of Scotland and Standard Chartered to arrange the sale. It is only the second international sukuk out of the Gulf in 2013. There was a $750m 10 year tranche from the Dubai government last month. Dewa held meetings this week with investors in London and Kuala Lumpur. Those finished on Wednesday.

Karachi, February 27, 2013: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the medium to long-term entity rating of Oil and Gas Development Company Limited (OGDCL) at ‘AAA’ (Triple A) and short-term entity rating at ‘A-1+’ (A One Plus). Outlook on the assigned rating is ‘Stable’.

Manama, Bahrain: ABC Islamic Bank today announced that its net profit for the year ending 2012 was US$8.3 million, compared to US$8.1 million last year.

ABC Islamic Bank has reported an $8.3m net profit for 2012, up slightly from 2011's $8.1m. The bank's total operating income was $16m, 6% higher than the prior year's $15.1m.

International sukuk issuance out of the Middle East is set to continue to grow, while maintaining high investor demand, senior industry figures said at an Islamic finance event on Tuesday.

Middle East regulators and policy makers must do more to help increase the number of non-bank financial institutions in the region if it hopes to achieve sustainable growth in its sukuk market, buy side officials said at an Islamic finance event on Wednesday.