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Trade was the largest so far from the Dubai property developer
Turkish oil and gas firm offers a pickup to its parent and most other CEEMEA sukuk
Where the company's deal prices relative to its parent will be the topic of investor roadshows
Benin showed Islamic issuance is a viable market for sub-Saharan African sovereigns
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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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The sukuk industry this week underscored its changing nature as the Islamic Development Bank upped its five year deal from $750m to $800m at a profit rate of just 1 .357% – a big tightening from previous issues and sharply converging on triple-A rated conventional peers.
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The Development Bank of Kazakhstan's plan to issue a debut sukuk into Malaysia remains on track, with Fitch assigning the 20-year programme a BBB - expected rating. This a couple of notches below the long-term foreign currency rating of Kazakhstan itself, whose government wholly owns DBK, but in line with DBK's own long-term rating.
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JCR-VIS assigns local currency ratings on a national scale. Local currency rating on a national scale assumes the national government to be least risky, which is therefore implicitly assigned a 'کAAA' rating. These ratings represent an entity's ability to meet its domestic obligations in the local currency.
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24 June 2012: Islamic Development Bank (“IDB”) announced that Standard & Poor's, Fitch Ratings and Moody’s have all reaffirmed recently their highest issuer rating “AAA” to the IDB’s enlarged US$ 6.5 billion Trust Certificate Issuance “Sukuk” Program and the US$ 800 million issuance in June 2012 thereunder.