Kuwait’s Gulf Investment raises $254 mln from ringgit sukuk
Kuwait's Gulf Investment Corporation (GIC) has issued 750 million ringgit ($253.5 million) of five-year sukuk at 4.90 percent, the deal's sole lead manager AmInvestment Bank said on Wednesday.
August 3, 2011 2:36 by Eva Fernandes
The sukuk is the second tranche to be issued under the programme in 2011, with the first tranche of 600 million ringgit in 5-year paper sold at a yield of 5.25 percent.
“We anticipate more issuers from the GCC region following suit in tapping into non-traditional sources to obtain long term funds,” Hisham Al-Razzuqi, the chief executive officer of GIC, said in a statement.
The sukuk programme has been assigned a long-term rating of AAA by Malaysia’s RAM Rating Services, and would enable GIC to tap the Malaysian market for long-dated funding, AmInvestment said. (Reporting by Min Hun Fong; editing by Liau Y-Sing)