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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, August 30, 2012: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the entity ratings of Shahmurad Sugar Mills Limited (SSML) at ‘BBB+/A-2’ (Triple B Plus/ A-Two). Outlook on the ratings is ‘Stable’.
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Government and quasi-sovereign paper will continue to dominate the sukuk primary market in coming months, according to research from Commerzbank. The bank predicts a number of important sovereign issues in the pipeline, such as deals from Turkey and Sudan.
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Kuala Lumpur-based oil and gas company Kencana Petroleum has come to market with its first sukuk issue since it completed its merger with SapuraCrest Petroleum. The MR200m ($63.84m) five-year deal is also the company's second ever Islamic tranche and completes the MR700m programme it launched in August last year at the time the companies' boards agreed to merge.
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Qatar Islamic Bank has plans to establish a $1.5bn sukuk programme and will seek quorum consent for the proposal at its general assembly in Doha on September 16. A first issue under the programme could follow, subsequent to approval from relevant authorities in Qatar.
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Karachi, August 28, 2012: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the medium to long-term entity rating of Jamshoro Joint Venture Limited (JJVL) at 'A+' (Single A Plus) and short-term entity rating at 'A-1' (A-One). Outlook on the medium to long-term rating is 'Stable'.
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Singapore based Sabana Reit, the manager of Sabana Shariah Compliant Reit, has recently signed a S$258.6m ($206.4m) financing with HSBC. The agreement comprises three-year and five-year commodity murabaha facilities of up to S$177.6m and S$75m, as well as adding S$6m on Sabana's existing revolving facility.