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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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Assets invested in compliance with Shariah will increase by 38.5% to reach $1.8tr globally in 2013, according to Ernst & Young . In its latest World Islamic Banking Competitiveness report, the accounting and financial services firm said that Saudi Arabia has become the largest market for such assets, with around $207bn last year, while Malaysia had $106bn and the UAE around $75bn.
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Global sukuk issuance in 2012 has reached $138.5bn, according to the IFIS Sukuk Database, with a run of Asian deals this month taking the market further into record territory. The running total represents a 49% increase on the $93bn issued throughout the whole of 2011.
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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.