Most recent/Bond comments/Ad
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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 sold $750m of 10 year sukuk on Tuesday, having launched the Reg-S deal inside its previous 4% area indications - and secondary trading levels - at 3.875%.
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Malaysia's Sime Darby launched the first dollar deal off its new $1.5bn multi-currency sukuk programme on Tuesday. Investors swamped the dual-tranche transaction, and bankers hope a strong reception will help encourage more Malaysian sukuk supply to follow.
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The sukuk market has had a very quiet start to the year, compared with 2012. Until Tuesday, domestic deals in Malaysia and Saudi Arabia were all that had appeared. That has all changed with Dubai's quickfire sovereign benchmark and a multicurrency sukuk programme from Malaysia's Sime Darby. The hope is that these will get the Islamic finance pipeline flowing again.
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Exotix has downgraded Nakheel's $1.1bn five year sukuk maturing in 2016 to 'sell', saying the Islamic bond is too expensive.
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JP Morgan has appointed Hussein Hassan to a newly created role as global head of its Islamic finance practice.
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Karachi, January 21, 2013: JCR-VIS Credit Rating Company Limited (JCR-VIS) has upgraded the medium to long term rating of the Sukuk issue of Rs. 950m of Engro Foods Limited (EFoods) to ‘A+’ (Single A Plus) from ‘A’ (Single A). Outlook on the assigned rating is ‘Stable.’