Mumtalakat prices 5-yr $97.7m sukuk
London, September 25, 2012
Bahraini sovereign wealth fund Mumtalakat priced a 300 million ringgit ($97.7 million) five-year sukuk on September 7 via Standard Chartered and CIMB Islamic.
The murabaha-structured deal is the first by the AA2 (Ram) rated borrower in the ringgit market and has been issued off its 3 billion ringgit sukuk programme.
Mumtalakat went on investor meetings in the summer but held back from issuing because basis swaps were not favourable for Gulf borrowers at the time.
The issue date for the sukuk will be October 4, while the maturity date is October 3, 2017. The profit rate is 5.5 per cent. – Reuters
More Finance & Capital Market Stories
- Dubai ICD planning to boost $2bn loan
- CEO-elect of fraud-hit Rakbank quits
- Saudi foreign assets hit record $668.2bn
- Major trade success for BBK Brokerage
- NBAD raises convertible bond issue to $465m
- Mashreq to enhance mobile banking app
- NBK Capital exits Turkey hospital chain
- Abu Dhabi holding firm Senaat plans share sale
- Iraq Trade Bank to expand into Lebanon, Turkey
- UAE’s non-oil job, output levels surge