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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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Dubai-based Emirates Islamic Bank has given initial price guidance of 350bp over mid-swaps for its prospective benchmark sukuk issue. The Emirates NBD subsidiary is due to conclude a series of fixed income investor meetings on Tuesday, January 10, following sessions in Malaysia, Singapore and Abu Dhabi.
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UAE-based shopping mall developer Majid Al Futtaim (MAF) has picked Abu Dhabi Islamic Bank, Dubai Islamic Bank, HSBC and Standard Chartered as managers as it moves closer to launching a $1bn sukuk programme. MAF had looked to issue an initial five-year tranche of up to $500m last year until late November, having appointed HSBC and StanChart to structure the programme in October, but postponed its plans thereafter due to market conditions.
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Nakheel intends to issue a second AED1bn ($272.29m) tranche of its sukuk programme within the next six months. The embattled Dubai property developer issued the delayed first $1.31bn tranche to trade creditors in August as part of its five year restructuring plan. The smaller second tranche will be used to settle contractor claims.
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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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Arab Banking Corporation has made personnel changes to the top management team at its key European subsidiary, ABC International Bank in London.