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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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Manama, Bahrain – 23 July 2012 – The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities for the BD 18 million issue, which carries a maturity of 91 days, has been oversubscribed by 188%.
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Kuwaiti investment firm National Industries Group has asked creditors to extend its looming $475m sukuk maturity by four years. The five-year deal, issued in August 2007 at a floating rate of 105bp over Libor, is due to mature on August 16.
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Manama, Bahrain: Arab Banking Corporation today announced that its consolidated Group net profit for the first half of 2012 was US$105 million. Net profit for the second quarter was US$51 million compared to US$54 million in the first quarter of 2012. Total operating income amounted to US$193 million, below US$214 million in the first quarter, mainly due to lower interest rates and exchange rate changes in Brazil even as income from lending activities increased on the back of higher volumes whilst trade finance activities continued to remain high. Total operating expenses were US$103 million compared to US$99 million and net impairment provisions were US$13 million against US$15 million in the previous quarter.
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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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Malaysia: PBLT fast tracks MR800m of sukuk, gets MR7.4bn book
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Pembinaan BLT, a company that develops quarters and facilities for the Royal Malaysian Police, has issued MR800m ($252.84m)of sukuk with an order book nine times oversubscribed at MR7.355bn. Bookbuilding and pricing of the deal was completed in less than 24 hours.