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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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Malaysian automotive firm DRB-HICOM has opted to undertake a medium term note sukuk programme of up to RM1.8bn ($570m). In a filing with Bursa Malaysia, the company said it has mandated Maybank Investment bank as principal adviser, lead arranger and lead manager of the programme, which will have a tenure of up to 15 years from the date of first issuance.
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Abu Dhabi real estate developer Aldar Properties has reported a third quarter net profit of AED144m ($39.2m), just a week before it faces a $1.1bn sukuk maturity. The Q3 result compares with an AED731.2m loss last year and brings Aldar's nine-month profit to AED460.4m. This in turn compares with an AED1.5bn loss for the same period in 2010.
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Karachi, November 02, 2011: JCR-VIS Credit Rating Company Limited (JCR-VIS) has withdrawn the CGR-7 corporate governance rating of former Atlas Bank Limited on account of non-renewal of rating contract. The bank has been merged with and into Summit Bank Limited (formerly Arif Habib Bank Limited).
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Bahrain has mandated BNP Paribas , HSBC and Citi as joint lead managers and bookrunners to issue the first benchmark sukuk for an Arab Spring-affected country since the political troubles began earlier this year. The size, maturity and pricing terms of the deal have not yet been set, as roadshows will not begin until 14 November, after the Eid Al Adha Islamic holiday.
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Kuwait's largest Islamic bank Kuwait Finance Hous has missed estimates for its third quarter, after reporting a fall in profits from the same period last year. Net profits for Q3 were KD25.3m ($92.4m), down 4.6% from Q3 2010's KD26.5m.