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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, March 19, 2012: JCR-VIS Credit Rating Company Limited (JCR-VIS) has revised the entity ratings of Summit Bank Limited (SBL) from 'A/A-2' (Single A/A-Two) to 'A - /A-2' (Single A Minus/A-Two). Rating of the sub-ordinated debt instrument has been finalized at 'A-(SO)' (Single A Minus(SO)). Outlook on the assigned ratings is 'Stable'.
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Saudi Electricity Co (SEC), the kingdom's national electricity provider, has asked Deutsche Bank and HSBC to arrange investor meetings as it looks to issue its debut international sukuk. Proceeds will be used to support SEC's expansion plans, as Saudi Arabia struggles to supply uninterrupted electricity against a backdrop of industrial expansion and population boom.
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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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Indonesia has sold Rp13.6tr ($1.49bn) of three year retail sukuk. The finance ministry received more than Rp19tr of demand after setting an indicative target of Rp10tr and was able to increase the size.
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Shariah-compliant investment firm Arcapita has filed for Chapter 11 protection in the Southern District of New York under the US bankruptcy code. Filings were also made for several of its affiliates, including Arcapita Investment Holdings Ltd.