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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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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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Abu Dhabi Islamic Bank's sale last week of a first ever Basel III-compliant subordinated sukuk saw the dollar denominated Islamic bond market double the level of issuance it achieved in the whole of last year, figures from IFIS show. It also brought total global issuance of sukuk in 2012 to over $121bn – almost a third more than in 2011.
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Arab Banking Corporation has brought its profit so far this year back in line with 2011's earnings with an improved third quarter result. The bank recorded $53m of net profit in the third quarter, up from $41m in the same period last year. This brings ABC's net profit for the first nine months of 2012 to $158m, roughly equal to the $157m it earned by this stage last year. Total operating income for the third quarter amounted to $200m million, the same as last year, whilst its $98m of operating expenses was marginally higher than the $97m in 2011. Cost/income ratio was maintained at 49%, while operating profit before impairment provisions reached $102m – down slightly on the $103m in 2011.
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Manama, Bahrain: Arab Banking Corporation today announced that its consolidated Group net profit for the first nine months of 2012 was US$158 million compared to US$157 million for the same period last year. Net profit for the third quarter was US$53 million compared to US$41 million last year.
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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.