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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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Banque Saudi Fransi looks set to issue up to SR2.5bn ($667m) of secondary sukuk, after it obtained approval from shareholders on Tuesday. The Riyadh based bank, which is part owned by Credit Agricole, already received consent for the move from Saudi Arabia's central bank in mid October.
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More banks in the United Arab Emirates are likely to issue Basel III-compliant bonds after the launch of the world's first hybrid tier one sukuk from Abu Dhabi Islamic Bank , Fitch Ratings says.
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Karachi, November 12, 2012: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the medium to long term entity rating of Khushhali Bank Limited (KBL) at ‘A’ (Single A) and short term rating at ‘A-1’ (A-One) with a ‘Stable’ Outlook, upon conclusion of the acquisition process led by UBL (United Bank Limited). Previously, the ratings were placed under ‘Rating Watch-Developing’ status.
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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.