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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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Nakheel Properties claims to be on course to make a Dh201m ($54.8m) sukuk payment to holders which is due on Saturday. The Dubai based company, which was hit hard during the Middle East financial crisis, said on Wednesday that it has made the necessary arrangements to enable paying agent Deutsche Bank to make the third profit payment on the notes.
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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.