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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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Karachi, January 09, 2013: JCR-VIS Credit Rating Company Limited (JCR-VIS) has revised the rating of TFC-2 issued by former Al-Zamin Leasing Corporation Limited from ‘C’ (Single C) to ‘D’ in view of non-payment of markup. As per the management of Invest Capital Investment Bank Limited, restructuring of TFC-2’s principal and markup is under consideration.
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Karachi, January 08, 2013: JCR-VIS Credit Rating Company Ltd. has assigned Management Quality Rating of ‘AM3’ (AM-Three) to Primus Investment Management Limited (Primus). Outlook on the rating is ‘Stable.’
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Dubai Electricity and Water Authority (Dewa) has reaffirmed it is planning to issue a sukuk worth around Dh4bn ($1.09bn) in this year's first quarter and is in talks with banks to arrange the deal. Dewa will use proceeds to refinance existing debt and invest in projects.
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Nakheel Properties has issued Dh121m ($33m) of sukuk, the third tranche of a trade creditor deal (now totalling almost Dh4.2bn) it has used to restructure debt. The Dubai property developer issued the second Dh1bn tranche in April 2012, having brought the delayed first Dh3.8bn tranche in August 2011 as part of its five year restructuring plan.
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Malaysia's Takaful Ikhlas has appointed Ab Latiff Abu Bakar as its president and chief executive officer. Latiff has over 20 years of insurance and takaful industry experience and was previously ClO of Hong Leong Tokio Marine Takaful.