Apr 22 2012
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GIB Capital and Riyad Capital arrange SAR 500 million Sukuk issuance by Ajil Cayman
GIB Capital , acting as joint lead manager and joint bookrunner with Riyad Capital , has successfully closed Ajil Financial Services Company's privately placed SAR500 million Sukuk, issued via Ajil Cayman - a limited liability special-purpose company incorporated in the Cayman Islands.
The inaugural Sukuk has a 3-year tenor with an amortising structure and pays a coupon of 3-month SIBOR plus 80 basis points quarterly. The Sukuk was issued at par.
Srinivas Vemparala, Chief Executive Officer of GIB Capital , commented: "We are pleased to have assisted Ajil in arranging their debut Sukuk. This 'off balance sheet' Sukuk is an innovative structure incorporating a credit wrap in the form of a Purchase Undertaking from Gulf International Bank (GIB) and Riyad Bank. The underlying creditworthiness of the structure along with the credit enhancement provided by the Purchase Undertaking received a very positive response from investors."
GIB Capital was established in 2008 as a fully-owned subsidiary of GIB to carry out investment activities within Saudi Arabia and is duly authorised by the CMA.
For further information, please contact Mr. Abdulla Naneesh, Corporate Communications, Kingdom of Bahrain. Tel +973 17 522680 Fax +973 17 522656.
© Press Release 2012
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