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The Gulf kingdom is trying to tackle a very wide deficit and sky-high debt to GDP
Gulf investors 'will now look at every deal', whether sukuk or not
Demand from the Middle East for the sukuk was steady
Bond pricing for the mining company started about 43bp back of its parent
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SME Bank has sold MR500m ($160.23m) of sukuk in two MR250m tranches, with the deal almost six times oversubscribed. SME intends to deploy the money in supporting the government's agenda to boost small and medium enterprises. The seven-year tranche carried a profit rate of 3.60% and the 10-year 3.69% - or 28bp over Malaysian government bonds.
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Saudi Arabia's National Commercial Bank ( NCB ) has agreed what is thought to be the world's first Islamic structured international airport financing for the Prince Mohammed Bin Abdul Aziz International Airport in Medina. The airport will cost an estimated SR4.5bn ($1.2bn) to build, a large part of which NCB will provide through senior participation and an equity bridge loan.
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Kuwaiti investment firm National Industries Group has scrapped plans to obtain a four year extension on a $475m sukuk and will now repay the notes when they mature on Thursday this week. NIG had previously asked investors to restructure the deal – an arrangement that could have realised a return of 22.9%.
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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.