Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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The Saudi company's deal offered little — if any — new issue premium, says leads
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
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Pakistan's Meezan Bank is pitching several companies on the idea of issuing short term Islamic bonds, following its market-opening issues for a pair of domestic corporations over the past month.
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Karachi, August 18, 2011: JCR-VIS has reaffirmed the entity ratings of SilkBank Limited (SBL) at ‘A - /A-2’ (Single A Minus/A-Two). Due to unsubscribed rights issue of Rs. 2.5b pertaining to Bank Muscat, previously a major shareholder in the bank, Capital Adequacy Ratio (CAR) of SBL has remained below the international benchmark for commercial banks. The management is in the process of finalizing a recapitalization strategy, which is planned to materialize within 2011 and would enable the bank to meet at least the international benchmark for capital adequacy. Furthermore, the management is also making efforts to address other operational issues, progress against which will continue to be tracked by JCR-VIS.
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Karachi, August 17, 2011: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Management Quality rating of National Asset Management Company Limited (NAMCO) at ‘AM3 - ’ (AM Three Minus).
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Karachi, August 16, 2011: JCR-VIS Credit Rating Company Limited (JCR-VIS) has upgraded the medium to long-term and short-term entity ratings of JDW Sugar Mills Limited (JDW) to ‘A’ (Single A) and ‘A-1’ (A-One), respectively. The rating of the company’s Rs. 1.7b TFC issue has also been upgraded to ‘A+’ (Single A Plus). Outlook on the assigned ratings is ‘Stable’.
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Karachi, August 16, 2011: JCR-VIS Credit Rating Company Limited (JCR-VIS) has upgraded the medium to long-term and short-term entity ratings of JDW Sugar Mills Limited (JDW) to ‘A’ (Single A) and ‘A-1’ (A-One), respectively. The rating of the company’s Rs. 1.7b TFC issue has also been upgraded to ‘A+’ (Single A Plus). Outlook on the assigned ratings is ‘Stable’.
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The Republic of Indonesia is expected to pick three leads to manage an Islamic bond issue worth as much as $1bn, which could be sold as early as next month.