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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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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.
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Bank of London and the Middle East, a UK headquartered Shariah compliant bank, has completed five property development deals, bringing its UK property portfolio to over آ£200m.
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Construction company Saudi Binladin Group has sold SR1bn ($267m) of 364 day sukuk at a profit rate of 2.5%. HSBC acted as the sole arranger for the privately placed deal and was advised by law firm Clifford Chance.
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Bahrain – 7 August 2012: United Gulf Bank B.S.C. (c) (UGB), the asset management and investment banking platform of the KIPCO Group, today announced a net profit of US$ 16.5 million for the six months ended 30 June, 2012 – a 24% increase over same period last year.