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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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Qatar International Islamic Bank wants to set up a $2bn sukuk programme and has asked its general assembly to approve the plans. The recommendation comes ahead of QIIB's annual general meeting, which will is due to be held on March 10 in Doha.
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Saudi Arabia's Dar Al Arkan is likely to issue a new sukuk over the next 12 moths and pay its first cash dividend in almost three years, according to frontier markets investment boutique Exotix. Exotix research official Gus Chehayeb expects Dar to repeat its own historical trend this year. He said that shareholders are overdue a dividend and credit market conditions are very favourable.
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Dubai Investments will this week pick banks as it looks to issue a Dh1bn ($272m) sukuk. In an interview with local newspaper Arabian Business, the company's CEO, Khalid Bin Kalban said that proceeds will be used to pay off debt on manufacturing units and finance as many as six new acquisitions.
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Barwa Bank will seek a credit rating in the second half of the year as it plans a possible sukuk issue. According to a report in UAE newspaper The National that sources Bloomberg, Barwa is looking to take advantage of recent low borrowing costs and said it has also been mandated by borrowers outside Qatar to help arrange two sukuk this quarter.
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A tribunal has thrown out allegations of unfair dismissal, detrimental treatment and discrimination brought against Gatehouse Bank and senior employees by its former chief operating officer, James Bagshawe, after judging them to be not well founded.
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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.