Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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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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Qatar Gas Transport Co (Nakilat) has agreed $380m of Islamic financing with banks. Qatar International Islamic Bank provided $200m of the murabaha facility, while Qatar Islamic Bank provided the other $180m. Pricing details are not yet known.
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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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NCB has been supporting Tibah consortium for Madina International Airport. Besides providing bulk of financing, NCB is the Islamic Structuring Bank in this landmark deal. This is the first Islamically structured International Airport financing in the world. Shari’ah compliant financing is primarily asset-based. However critical infrastructure such as airports are essentially owned by governments. The private entities only receive development and operating rights for a finite period. This made the Islamic structuring all the more challenging. Despite these constraints, an unprecedented structure is designed to ensure its compliance with shariah and maintaining the project’s bankability for the sponsors at the same time
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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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Dr. Ahmad Mohamed Ali, President of the Islamic Development Bank (IDB) Group stated that, in line with its strategic planning for infrastructure, IDB's support for the Energy sector in member countries has exceeded 25% of the total financing by the Bank since inception in 1975. "This is in addition to financing by other IDB Group institutions, especially the International Islamic Trade Financing Corporation (ITFC)", he added.
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International sukuk issuance may have stopped for the Middle East summer and the Islamic observance of Ramadan, but investors said that a big pipeline of deals is likely to flow soon. UAE sovereign-related sukuk are rumoured to be on the way, including a potential Abu Dhabi government deal.