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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, April 10, 2012: JCR-VIS Credit Rating Company Limited (JCR-VIS) has revised the Fund Stability Rating (FSR) of United Islamic Income Fund (UIIF) to ‘BB+’ (Double B Plus (f)) from ‘BBB-(f)’ (Triple B Minus (f)).
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Karachi, April 10, 2012: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Fund Stability Rating (FSR) of United Growth & Income Fund (UGIF) at ‘BBB-(f)’ (Triple B Minus (f)).
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Dubai Duty Free, an airport retail company, is seeking a $1.1bn multi-tranche loan facility and has mandated six banks for the transaction. On Tuesday the company said that Abu Dhabi Islamic Bank had joined the transaction as a mandated lead arranger and bookrunner alongside Abu Dhabi Commercial Bank, Citi, Dubai Islamic Bank, Emirates NBD and HSBC Bank Middle East.
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The two Islamic banking subsidiaries of Dubai based Emirates NBD have agreed to merge, following a joint-committee meeting on Sunday. According to local reports, representatives of Emirates Islamic Bank , Dubai Bank (DB) and ENBD approved the plan, which may now get the go-ahead from the Dubai government and central bank before the end of April.
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Indonesian food producer Mayora Indah has this week launched Rp250bn ($27.25m) of sukuk, along with Rp500m of conventional bonds. Proceeds will be used to develop its factories.
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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.