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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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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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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'.