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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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The Islamic Development Bank has opened order books for a five-year benchmark sukuk, which it expects to price in the coming week. The triple-A rated issue promises to be hotly followed by Islamic institutions looking for paper able to fulfill Basel III's stock liquidity requirements.
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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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Karachi, June 15, 2012: JCR-VIS Credit Rating Company Limited (JCR-VIS) has upgraded the entity ratings of Matco Rice Processing (Pvt.) Limited (Matco) to 'A - /A-2' (Single A-Minus/ A-Two) from 'BBB+/A-3' (Triple B Plus/A-Three). Outlook on the rating is 'Stable'.
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Jebel Ali Free Zone's roaring success in issuing a $650m seven year benchmark sukuk drove a big rally across Dubai credits this week, as the deal's reception stoked appetite for paper from the emirate's other issuers.
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13 June 2012, Dubai: Senior representatives from major Islamic banks including HSBC Amanah, Standard Chartered Saadiq, Meezan Bank Ltd, Dubai Islamic Bank, CIMB Group, Al Hilal Bank, Noor Islamic Bank, Bank Nizwa, Mashreq Al Islami, University Bank, Bahrain Islamic Bank BSC, Bank Dhofar, RAKBANK, Sharjah Islamic Bank and Bank Alkhair have joined an increasingly powerful speaker platform at the 4th Annual World Islamic Retail Banking Conference to facilitate rapid growth and continuous improvement in Islamic Retail Banking.
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Emirates has said it is ready to repay in full its $550m sukuk that matures on Saturday and will not refinance the deal. The airline operator had previously weighed up issuing a new sukuk to pay down the existing debt.