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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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Manama, Bahrain: Arab Banking Corporation today announced that its consolidated Group net profit for the first nine months of 2011 was US$157 million, 40% higher than last year. Net profit for the third quarter was US$41 million compared to US$68 million in the second quarter, due to net impairment provision charge of US$20 million compared to net recovery of US$8 million during the previous quarter.
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Manama, Bahrain -18 October 2011 - The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been oversubscribed by 207.5%.
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Stock market reaction to sukuk issuance is significantly more negative than for conventional bond issues, according to a historical study presented at this month's KLIFF conference in Kuala Lumpur.
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Karachi, October 17, 2011: JCR-VIS Credit Rating Company Limited has reaffirmed the corporate governance rating of Allied Bank Limited (ABL) at CGR-8+, denoting ‘high level of corporate governance’. This rating is based on a scale ranging from CGR-1 (lowest) to CGR-10 (highest).
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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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Islamic finance, especially sukuk, would be a good match for financing Asia's infrastructure funding gap, says Standard & Poor's in its latest commentary on the sector. The report, titled "Will Islamic finance play a key role in funding Asia's huge infrastructure task?", puts forward the view that Asia's solid economic growth and surging population will need significant developments and upgrades of its infrastructure.