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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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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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Clifford Chance advised DIFC Investments LLC (DIFCI) in securing a USD 1.035 billion Islamic syndicated facility to contribute towards financing in full the repayment of its USD 1.25 billion Sukuk maturing 13th June 2012. This is a landmark transaction in the history of the DIFC which further evidences the commitment of Dubai to meet its obligations in a timely manner.
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Jebel Ali Free Zone's $650m sukuk on Tuesday last week took total issuance out of the UAE so far this year to $4.315bn, according to IFIS data, outstripping the $4.084bn brought to market in the whole of 2011. This year's eight issuers (with nine tranches) also top the seven which tapped the market in 2011.
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The vibrant tone around Dubai credit following last week's well received $650m Jebel Ali Free Zone sukuk has already prompted one compatriot borrower to follow suit.
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The five year benchmark sukuk being brought by the Islamic Development Bank (IsDB) this week should see plenty of support from Islamic institutions on the hunt for paper that fulfils regulatory liquidity buffer requirements, bankers say.