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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, February 22, 2012: JCR-VIS Credit Rating Company Limited (JCR-VIS) has maintained the entity ratings of Sitara Chemical Industries Limited (SCIL) at ‘A+/A-1’ (Single A Plus/A-One). Outlook on the medium to long-term rating has been revised from ‘Negative’ to ‘Stable’.
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Karachi, February 22, 2012: JCR-VIS Credit Rating Company Limited (JCR-VIS) has withdrawn the entity ratings of ‘BBB+/A-3’ (Triple B Plus/A-Three) with a ‘Stable’ Outlook, assigned to Searle Pakistan Limited, with immediate effect, on account of non-renewal of contract.
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Dubai's Department of Finance has completed a $675m dual currency financing as part of its Al Sufouh tram project. The facility comprises a $401m loan and a $274m ijara (Islamic leasing) segment.
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The Islamic Financial Services Board is planning to issue new guidance to adapt Basel III liquidity standards for institutions offering Islamic financial services (IIFS), said IFSB secretary-general Jaseem Ahmed on Tuesday, speaking at Euromoney Seminars' 11th Annual Islamic Finance Summit in London.
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VTB Capital has made several hires as it looks to grow its investment banking business in the Middle East and Africa. The senior additions follow the firm's January hire of Makram Abboud from Nomura to be its chief executive for the region, with oversight of its Islamic finance operations.
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News this week of two new sukuk funds setting up was greeted enthusiastically by market participants. But the Islamic asset managers that are needed to fully support such business remain conspicuously absent and the industry must go a long, long way before it can claim any semblance of the conventional model.