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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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Dana Gas has completed a $920m sukuk restructuring with creditors, having defaulted on the notes in early November. The Sharjah based company will pay down $70m in cash and issue two new $425m five year sukuk - one ordinary and one convertible - paying 9% and 7% respectively. The previous deal's coupon was 7.5%.
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Indonesian palm oil producer First Resources has issued MR400m ($130.8m) of sukuk, its second ringgit denominated Islamic deal. The notes come under a MR2bn sukuk musharakah programme the company established in July.
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JCR-VIS assigns local currency ratings on a national scale. Local currency rating on a national scale assumes the national government to be least risky, which is therefore implicitly assigned a 'کAAA' rating. These ratings represent an entity's ability to meet its domestic obligations in the local currency.
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JCR-VIS assigns local currency ratings on a national scale. Local currency rating on a national scale assumes the national government to be least risky, which is therefore implicitly assigned a 'کAAA' rating. These ratings represent an entity's ability to meet its domestic obligations in the local currency.
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JCR-VIS assigns local currency ratings on a national scale. Local currency rating on a national scale assumes the national government to be least risky, which is therefore implicitly assigned a 'کAAA' rating. These ratings represent an entity's ability to meet its domestic obligations in the local currency.