May 24 2010 |
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The Commercial Real Estate Co. in Kuwait successfully settled its US$ 100 Million Sukuk
Arrangers and Structuring Advisors of the Commercial Real Estate Sukuk Kuwait); Kuwait Finance House K.S.C. (Kuwait), Kuwait Financial Centre (Kuwait) and Liquidity Management Centre B.S.C. (c) (Bahrain) are pleased to announce that the US$ 100 million Sukuk for The Commercial Real Estate Company (Kuwait) has been successfully settled and paid for in full on its Maturity date 12 May, 2010.The Sukuk was underwritten by Senior Lead Manager Kuwait Finance House K.S.C (Kuwait), Lead Manager Boubyan Bank (Kuwait), in addition to Deutsche Bank , Emirates Islamic Bank (UAE), Gulf Investment Corporation (Kuwait), Kuwait Financial Centre (Kuwait), Liquidity Management Centre B.S.C. (c) (Bahrain), Bank Muscat International (Oman), Arab Islamic Bank (Palestine) and Arab Insurance Group B.S.C. (Bahrain).
The Ijara Sukuk was structured as a Shari'a compliant lease-to-own Islamic security with a five year term. It offered a semi-annual return of 125 basis points over US Dollar 6 months LIBOR. This Sukuk was the first offering of a rated corporate Sukuk issue out of Kuwait that was assigned a rating of "A-" by Capital Intelligence.
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