Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
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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Abu Dhabi Commercial Bank (ADCB) has mandated itself and three other banks as bookrunners as it looks to issue up to $750m of five-year sukuk as early as this week. JP Morgan, Bank of America Merrill Lynch and Standard Chartered will join ADCB as joint lead managers and bookrunners of the Reg S deal, which could proceed without formal roadshows.
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Moody's has assigned a Baa investment-grade bond fund rating to the Bank of London and The Middle East (BLME) Shariah Umbrella Fund.
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Standard & Poor's has assigned a BBB long-term counterparty credit and financial strength ratings to Riyadh-based Weqaya Takaful Insurance & Reinsurance Co. The outlook is stable, reflecting S&P's expectation that Weqaya will create a sustainable, increasingly profitable business position for itself in the competitive but expanding Saudi Arabian life and non-life insurance markets, over the two-year outlook period.
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The continuing resurgence of Islamic debt capital markets cleared another potential hurdle on Thursday when Aldar Properties confirmed it had repaid in full the outstanding $1.184bn on its maturing convertible sukuk. Most encouraging of all was that Aldar was able to do so without recourse to further Abu Dhabi government assistance or conversion into ordinary shares.
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November is shaping up to be a big month for Abu Dhabi Islamic bond issuance, with two of its banks lining up large sukuk issues.
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Tamkeen and Bahraini retail and commercial banking institution BMI Bank have extended a Shariah-compliant financing scheme for enterprises within the local private sector.