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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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San Francisco, USA Kuala Lumpur, Malaysia January 16th, 2012 - OSK-UOB Islamic Fund Management, a joint-venture company formed between the OSK Group, one of Malaysia's leading investment bank and Singapore's UOB Group, one of Asia's leading financial institutions, announced today that it has signed a strategic agreement with IdealRatings, Inc. a global Shariah compliant fund management service provider to utilize IdealRatings' unique research based screening for their global growth strategy of equity funds. According to Mohamed Noor, CEO, OSK-UOB Islamic Fund Management, OSK-UOB Islamic Fund Management was looking to find a partner who could provide detailed analysis of the revenue breakdown for the global stock market specifically for food companies involved in any non-halal elements. "IdealRatings, did an outstanding job screening companies with their one of a kind research methodology along with their comprehensive Shariah fund management solution. We feel confident relying on IdealRatings to provide us with top quality Shariah screening data for our Global Halal Food Fund and also for the other unique funds we will be offering as part of our portfolio in the future" said Mohamed Noor.
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VTB Capital has appointed Makram Abboud as chief executive officer for the Middle East and Africa as it looks to expand its emerging markets investment banking platform. Based in London and Dubai, Abboud's responsibilities will also include running the Russian firm's origination and distribution group alongside a co-head who is yet to be appointed.
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Saudi Arabia's General Authority of Civil Aviation (GACA) has issued SAR15bn ($4bn) of 10-year sukuk, as part of its plans to fund a new SAR27bn airport in Jeddah. The notes were reportedly sold at a profit rate of 2.75%, at the tighter end of guidance.
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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 General Authority of Civil Aviation (GACA) began selling SAR15bn ($4bn) of 10-year sukuk on Sunday, as part of its plans to fund a new SAR27bn airport in Jeddah. The notes were reportedly targeted at a profit rate of between 2.75% and 3%.
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HSBC is looking to develop its global Islamic capital markets business, giving bigger roles to three senior bankers. The moves underscore the bank's optimism for Islamic finance in 2012.