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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 Dubai government made a momentous return to the sukuk market on Tuesday, achieving a $11bn order book for its aggressively priced $750m 10 year deal, and then opting to add a $500m 30 year conventional tranche — its first ever issuance at that tenor.
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Malaysian conglomerate Sime Darby drew almost $9bn in orders for its dual-tranche dollar sukuk on Wednesday, smashing records with a low coupon on its five year bond — and becoming the first privately-owned company to push sukuk maturities out to 10 years.
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Dubai property developer Nakheel may look to refinance its sukuk borrowings this year, the said firm said on Wednesday as it reported a Dh2.02bn profit ($549.15m) profit for 2012. This was up 57% on 2011, while revenues in 2012 were up 91% to Dh7.8bn, from Dh4.1bn in 2011.
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Karachi, January 22, 2013: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Insurer Financial Strength ( IFS ) rating of Askari General Insurance Company Limited (AGICO) at 'A' (Single A). Outlook on the assigned rating is 'Stable'.
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Karachi, January 22, 2013: JCR-VIS Credit Rating Company Limited (JCR-VIS) has upgraded the short-term rating of KASB Modaraba (KASBM) to ‘A-2’ (A-Two) from ‘A-3’ (A-Three). Medium to long term rating of KASBM has been maintained at ‘BBB+’ (Triple B Plus); Outlook on the same has been revised from ‘Stable’ to ‘Positive’.
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Karachi, January 22, 2013: JCR-VIS Credit Rating Company Limited has withdrawn the Fund Stability Rating of 'A+(f)' (Single A Plus(f)) assigned to IGI Income Fund (IGI-IF) and Fund Stability Rating of 'AA+(f)' (Double A Plus(f)) assigned to IGI Money Market Fund (IGI-MMF), with immediate effect, on account of account of non-renewal of the contract.