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Trade was the largest so far from the Dubai property developer
Turkish oil and gas firm offers a pickup to its parent and most other CEEMEA sukuk
Where the company's deal prices relative to its parent will be the topic of investor roadshows
Benin showed Islamic issuance is a viable market for sub-Saharan African sovereigns
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Majid Al Futtaim, the United Arab Emirates-based shopping centre developer, priced a $400m sukuk on Tuesday at 5.85% – inside its earlier 5.9%-5.95% guidance but below the maximum $500m benchmark size deal the firm had aimed for.
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Aldar Properties was a name in focus on Tuesday for Gulf investors, with the property developer's bonds widening as much as 40bp after reports that Abu Dhabi state fund Mubadalah Development Company is looking to offload its 49% stake in the company. The yield on its $1.25bn 10.75% bond maturing 2014 rose to over 6.5%, around 1% out from where it was quoted in the first week of January.
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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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Saudi Arabia's Zain Mobile Telecommunication Company has reached an agreement with investors for a six month extension of its SAR9.75bn ($2.6bn) murabaha Islamic financing facility. The facility's maturity has been reset for July 27.
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Majid Al Futtaim, the UAE-based shopping centre developer, has given profit rate guidance of 5.9 to 5.95% for its forthcoming benchmark sukuk deal. MAF last week established a $1bn sukuk trust certificate programme and looks set to issue the first five year tranche on Tuesday, thought to be up to $500m in size. آ
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Bank of London and The Middle East has agreed to provide a revolving murabaha financing for Masthaven Property Finance Limited, a subsidiary of Masthaven Group.