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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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Dubai Islamic Bank is preparing to issue the first bank sukuk of the year — a perpetual tier one deal via Emirates NBD, HSBC, National Bank of Abu Dhabi and Standard Chartered Bank.
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Indonesia fell short of its target in a sukuk auction on Tuesday, blaming rising inflation in February. The finance ministry issued Rp760bn ($78.3m), around half the Rp1.5tn it had looked to raise.
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Sukuk issuance among banks in the Gulf Co-operation Council (GCC) region is expected to keep growing this year after the GCC banks turned to the Shariah-compliant bond market for 45% of their debt issuance in 2012, according to Standard & Poor’s.
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Bank of London and the Middle East is set to provide a £12m two year Shariah compliant facility for the development of nine luxury apartments in Kensington. The property will be developed by Curzon Asset Management.
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Almarai, the Saudi Arabian dairy and food group, plans to issue the second tranche of its Saudi riyal denominated SR2.3bn ($613m) sukuk programme. The company said in November that it was looking to issue within the next few months.
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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.