Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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Trade was the largest so far from the Dubai property developer
Turkish oil and gas firm offers a pickup to its parent and most other CEEMEA sukuk
Where the company's deal prices relative to its parent will be the topic of investor roadshows
Benin showed Islamic issuance is a viable market for sub-Saharan African sovereigns
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Standard & Poor's has raised its counterparty credit and insurer financial strength ratings on Dabai-based Islamic Arab Insurance Company from BBB+ to A - with a stable outlook. S&P also raised the core operating subsidiaries of Arab Insurance's wholly owned Labuan-based reinsurance sub-group, Best Re.
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In a landmark decision for securities cases, the Court of Appeal on Friday upheld a six months jail term imposed by the High Court on two former directors of MEMS Technology Berhad (MEMS), for authorizing the furnishing of a misleading statement to Bursa Malaysia in MEMS's Condensed Consolidated Income Statement for the 12 month period ended 31 July 2007. The two former directors of MEMS, which was delisted in November 2010, were charged in the Sessions Court in Kuala Lumpur in 2009 for the misleading statement which related to the company's reported revenue of RM73.416 million as it contained over RM30 million of sales that did not take place.
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Malaysia's central bank, Bank Negara Malaysia, is readying itself for a RM3bn ($960m) sukuk launch next week. Orders for the ringgit-denominated August 2018 deal are to be placed from Monday, with issuance expected to take place on Tuesday.
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All eyes will be on Aldar Properties when Gulf investors return to the market on Thursday, with still no official word given on how the firm plans to meet its 10 November sukuk maturity. There has been growing confidence that Aldar will pay off the outstanding amount from the AED9.29bn ($2.53bn) convertible sukuk, despite some speculation that Abu Dhabi may need to step in again with aid for it to do so.
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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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Bookrunners of sukuk bonds say they expect very little activity from the market this week, but are gearing up for an increase in activity next week. In particular, Bahrain is scheduled to begin roadshows in Europe and Asia, while there are hopes that Indonesia will finally push ahead with its much anticipated benchmark sukuk.