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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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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.
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Karachi, September 03, 2012: JCR-VIS Credit Rating Company Limited has reaffirmed the Financial Strength Rating of Takaful Pakistan Limited (TPL) at 'BBB+' (Triple B Plus).
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Despite the summer lull in Middle East Islamic finance activity, global issuance of sukuk surged past 2011's full year total last week to set a new annual record. As of the start of this week, there have been nearly $95bn worth of deals this year, up from the $92.8bn seen in the whole of last year, according to IFIS data.
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Bank of London and the Middle East has reported a 42% increase in net operating profit before tax for the first six months of 2012 – up to £2.86m from £2.02m in the same period last year. The London based bank's earnings included a 139% rise in total comprehensive profit, from £1.02m to £2.45m.
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JCR-VIS assigns local currency ratings on a national scale. Local currency rating on a national scale assumes the national government to be least risky, which is therefore implicitly assigned a 'کAAA' rating. These ratings represent an entity's ability to meet its domestic obligations in the local currency.
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Qatar Islamic Bank this week revived plans to establish a $1.5bn sukuk programme, alerting international investors to the rare possibility of adding well-rated Qatari Islamic paper to their portfolios.