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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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Karachi, October 19, 2012: JCR-VIS Credit Rating Company Limited has reaffirmed the Insurer Financial Strength rating of UBL Insurers Limited (UIL) at 'A' (Single A). Outlook on the assigned rating is 'Stable'.
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Karachi, October 18, 2012: JCR-VIS Credit Rating Company Limited has reaffirmed the corporate governance rating of Pakistan Kuwait Investment Company (Private) Limited (PKIC) at 'CGR-9'.
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Egypt claims it had reached a preliminary agreement with 10 banks to proceed with issuing an international sukuk of between $750m and $1bn. Egypt's biggest state owned bank, National Bank of Egypt also said it is considering plans to issue a debut sukuk, having lined up non-deal roadshows in Asia next week.
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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'.