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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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Karachi, June 25, 2012: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the entity ratings of Pakistan Kuwait Investment Company (Private) Limited (PKIC) at 'AAA/A- 1 +' (Triple A/A-One Plus). Outlook on the ratings is 'Stable'.
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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.