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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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The sukuk new issue market looks set to be re-opened by benchmark deal for Majid Al Futtaim, the UAE-based shopping centre developer.
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Karachi, January 26, 2012: JCR-VIS Credit Rating Company Limited (JCR-VIS) has withdrawn the entity ratings of ‘BBB/A-3’ (Triple B/A-Three) with a ‘Negative’ Outlook, assigned to Gujranwala Food Industries (Pvt.) Limited, with immediate effect, on account of non-renewal of contract.
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Indonesia plans to issue a globally syndicated sukuk along with bringing an IDR2tr ($223.13m) project based sukuk to its domestic market in the first half of 2012. The country managed to sell $1bn in the international market in November on strong demand, but previously struggled to find investors for a domestic deal in October.
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Albaraka Turk, the Turkish banking unit of Bahrain-based Albaraka, has confirmed it intends to issue a sukuk within the first quarter of this year. The bank previously said, earlier this month, that it may look to increase the transaction's $200m target size if it opted to wait until Q2.