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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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UAE-based shopping mall developer and operator Majid Al Futtaim (MAF) has established a $1bn sukuk trust certificate issuance programme. The company will conduct a series of fixed income investor meetings in the UAE, Asia and Europe from January 29 as it lines up the first tranche – thought to be up to benchmark $500m in size.
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Indications that Luxembourg and Ireland could issue sovereign sukuk in the coming months have galvanised London's Islamic market participants to demand a UK government rethink on the asset class. The Treasury appears no closer than it did a year ago to meeting this call, but the market looks perfectly primed.
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Source: Euclid Infotech
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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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The Central Bank of Bahrain (CBB)'s latest monthly issue of sukuk al-salam Islamic securities received orders of 208%. The BD18m ($48.05m) issue carries a maturity of 91 days.