Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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Trade was the largest so far from the Dubai property developer
Turkish oil and gas firm offers a pickup to its parent and most other CEEMEA sukuk
Where the company's deal prices relative to its parent will be the topic of investor roadshows
Benin showed Islamic issuance is a viable market for sub-Saharan African sovereigns
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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Karachi, January 22, 2013: JCR-VIS Credit Rating Company Limited has withdrawn the Fund Stability Rating of 'A+(f)' (Single A Plus(f)) assigned to IGI Income Fund (IGI-IF) and Fund Stability Rating of 'AA+(f)' (Double A Plus(f)) assigned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.
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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.