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Trade was the largest so far from the Dubai property developer
Turkish oil and gas firm offers a pickup to its parent and most other CEEMEA sukuk
Where the company's deal prices relative to its parent will be the topic of investor roadshows
Benin showed Islamic issuance is a viable market for sub-Saharan African sovereigns
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Karachi, September 05, 2012: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the medium to long-term entity rating of JDW Sugar Mills Limited (JDWSML) at ‘A’ (Single A) and short-term entity rating at ‘A-1’ (A-One). The rating of the company’s TFC issue of Rs. 1.7b has also been reaffirmed at ‘A+’ (Single A Plus). Outlook on the assigned ratings is ‘Stable’.
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International Bank of Azerbaijan ( IBA ) has opened an Islamic banking and financing window. IBA's board of directors recently approved the initiative and have appointed Benahm Gurbanzada as a director of Islamic banking.
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Turkey is looking to issue its debut sovereign sukuk this month and has hired Citi, HSBC and Kuwait Finance Hous unit Liquidity House to explore options for the sale. The dollar denominated international deal will follow an ijara (leasing) structure and is likely to be benchmark size.
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Dubai World real estate firm Limitless wants to finalise its $1.2bn Islamic debt restructuring by the end of the month, a company spokesperson said on Tuesday. "Discussions continue and we aim to conclude the deal by the end of September,' the spokesperson said. Limitless signed the murabaha financing in March 2008. Arab National Bank , Emirates Bank, Emirates Islamic Bank and National Bank of Abu Dhabi underwrote the deal. The 14-strong bank syndicate was mostly made up of Middle Eastern Banks.
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Such is the quiet of the Middle East sukuk market following the Islamic holiday period that all returning investors can hear beyond the sound of fans whirring is the faint, distant rumble of Malaysian domestic issuance. Yet despite these outward signs of serenity, there is every reason to be excited about the fresh storm of deals gathering just around the corner.