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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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Assurances on Tuesday from Dana Gas that it intends to repay its debt obligations brought a large rally for its $1bn convertible sukuk maturing in October this year. The profit rate on the embattled firm's 7.5% notes fell nearly 20% to 52.5%, with the price of the bonds rising to just under 73 cents. Shares also rose initially on the credit-positive news, but returned to flat thereafter.
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UAE-based Ajman Bank's chief executive officer Mubashar Khokhar has resigned from the bank, effective immediately. The Ajman emirate Islamic bank cited personal reasons for his departure and said that Mohammed Amiri has been appointed as acting CEO.
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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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Kuala Lumpur based CIMB-Principal Islamic Asset Management, a joint venture Islamic global asset management company between CIMB Group and Principal Global Investors, has recently obtained the approval from the Central Bank of Ireland to establish CIMB-Principal Islamic Asset Management (Ireland).