Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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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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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.
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Bermuda has confirmed it is trying to position itself as a centre for Islamic finance and strengthen its ties with the middle east. Bermuda has for some time marketed itself as amenable to Shariah-compliant business, a message that has also been pushed forward recently by promotional organisation Business Bermuda at such events as October's MENA Investment Management Conference in Qatar and its own briefing in New York.
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Independent financial advisory the deVere Group has included Qatar, Lebanon and Turkey among 12 new global offices it will open before March next year. The firm's chief executive Nigel Green said that deVere is targeting expansion in strategic worldwide locations in response to the demand it sees from existing and potential clients.
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AT Financial's Egyptian Islamic equity index rallied 1% on Thursday ahead of the Eid ul-Adha Islamic holiday. This brought the index to roughly flat on the week after its earlier fall, but at 391.58 is still down nearly 24% since the start of the year.
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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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Bahrain has mandated BNP Paribas , Standard Chartered and Citi as joint lead managers and bookrunners to issue the first benchmark sukuk from a country that was directly affected by the political turmoil that began to sweep across the region in March this year.