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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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Malaysia's LBS Bina Group has redeemed and cancelled part of its first tranche of a MR15m sukuk programme as well as the entire third tranche of an MR20m sukuk programme. The company said it would save around MR1.7m from the early redemptions, which come 645 days and 274 days ahead of their respective maturity dates.
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Gatehouse Bank, a Shariah compliant Kuwaiti owned bank in the UK, has launched a treasury note deposit account service. Comparable with traditional deposit accounts, it will be available to institutions and individual professional investors.
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Karachi, October 16, 2012: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the entity ratings of Pakarab Fertilizers Limited (PFL) at 'AA-/A-1' (Double A Minus/A-One) and the rating of the company's Rs. 5b Term Finance Certificate (TFC) issue at 'AA' (Double A), along with the rating of 'AA' (Double A) assigned to the privately placed TFC issue of Rs. 6.5b. Outlook on the ratings is 'Stable'.
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Karachi, October 16, 2012: JCR-VIS Credit Rating Company Limited has assigned preliminary rating of ‘A’ (Single A) to the proposed privately placed Term Finance Certificate (PPTFC) issue of Aisha Steel Mills Limited (ASML). Outlook on the assigned rating is ‘Stable’.
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Manama, Bahrain –16th October 2012 – The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been fully subscribed by 263%.
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Mobile telecommunications company Zain Saudi said that it is in "well-advanced' discussions over a new loan to replace the Sr9bn ($2.4bn) still outstanding under its existing Sr9.75bn Murabaha facility, which has already been extended three times and is now due to mature on November 28.