Industry insiders have hailed the issuance of the first two internationally rated securitizations in the Gulf region as a starting shot for a Gulf-region structured credit market. The class A tranche of Tamweel’s $250 million of RMBS bonds, priced through Morgan Stanley and Standard Chartered in mid-July, was given a provisional rating of Aa2 by ratings agency Moody’s, and AA by Fitch. It is one of the world’s first Shariah-compliant securitizations, and the first RMBS in the Gulf. A smaller CMBS securitization of an office block in Dubai was priced a few days later via HSBC, its...
