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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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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Karachi, January 22, 2013: JCR-VIS Credit Rating Company Limited has withdrawn the Fund Stability Rating of 'A+(f)' (Single A Plus(f)) assigned to IGI Income Fund (IGI-IF) and Fund Stability Rating of 'AA+(f)' (Double A Plus(f)) assigned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.
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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.