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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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Date posted: 6 September 2012
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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.