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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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Pembinaan BLT, a company that develops quarters and facilities for the Royal Malaysian Police, is set to issue MR1.35bn ($438.67m) of sukuk. Book building for the medium term notes programme will start on Monday.
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Islamic investment firm Arcapita's shock chapter 11 filing this week has brought other Gulf investment banks' financial strength into acute focus. Bahrain-based firms are particularly in the spotlight as many share their local peer's emphasis on private equity and venture capital.
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Saudi Electricity Co (SEC), the kingdom's national electricity provider, began roadshows this week ahead of potentially issuing its debut international sukuk. Proceeds will be used to support SEC's expansion plans, as Saudi Arabia struggles to supply uninterrupted electricity amid industrial expansion and population boom.
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Abu Dhabi National Takaful Company has opened a new branch in Dubai. Based in Port Saeed, Deira, the office will provide a range of takaful products and services. It is intended to be a one-stop shop undertaking business transactions for both corporates and individuals, the firm said.
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Karachi, March 21, 2012: JCR-VIS Credit Rating Company Limited (JCR-VIS) has revised the Sukuk rating of Quetta Textile Mills Limited (QTML) from 'BBB - ' (Triple B Minus) to 'BB' (Double B). Outlook on the rating remains 'Negative'.
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Karachi, March 21, 2012: JCR-VIS Credit Rating Co. Ltd. (JCR-VIS) has suspended the Insurer Financial Strength ( IFS ) rating of National Insurance Company Limited (NICL), with immediate effect. In the absence of Board of Directors, the financial statements for the year ended December 31, 2010 have so far not been approved. Furthermore, in the absence of any approving authority, interim results for 2011 have also not been shared with JCR-VIS.