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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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Dana Gas hopes to announce a lock-up agreement and sign headline terms of a $920m sukuk restructuring with creditors this week. The deal looks set to comprise an upfront cash payment of $80m to $100m along with two new sukuk — a regular deal and a convertible — paying an average of 8%.
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Mobile telecommunications company Zain Saudi has again extended the maturity of the outstanding Sr9bn ($2.4bn) on a Sr9.75bn murabaha financing for three weeks – the fourth payment deferral it has obtained from bank creditors. The new due date is December 19.
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Kuwait Finance Hous's Turkish operation, Kuveyt Turk, has applied for a German banking licence and aims to become the first Islamic bank in the country, Reuters has reported.
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Turkish Airlines hopes to raise $500m for new plane orders in 2014 and is weighing up its financing options. The company is in talks with banks about a leasing arrangement using enhanced equipment trust certificates (EETCs), but could potentially follow this up with issuance of sukuk or eurobonds next year.
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Karachi, November 26, 2012: JCR-VIS Credit Rating Company Ltd. has upgraded the medium to long term entity rating of Taurus Securities Limited (TSL) from ‘A-’ (Single A Minus) to ‘A’ (Single A). Short-term rating of TSL is ‘A-2’ (A-Two). Outlook on the rating is ‘Stable’.
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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.