Arrangers, Lead managers and Structuring Advisors of the National Industries Company for Building Materials (NICBM) Sukuk; Kuwait Finance House, Liquidity Management Centre, Gulf International Bank, and Standard Bank are pleased to announce that the US$ 100 million Sukuk for The Building Materials Company has been successfully settled and paid for in full on its Maturity date 18 October, 2011.
The Sukuk was underwritten by Kuwait Finance House (Kuwait), Liquidity Management Centre, Gulf International Bank and Standard Bank.
The Asset Backed Sukuk Al Musharaka was structured as a Shari'a compliant Sinkable security with a five year term. The Sukuk was backed by building material factories which provided an over-collateralization and an added security for all Sukuk holders. It offered a semi-annual return of 100 basis points over US Dollar 6 months LIBOR. This Sukuk was one of the first offerings of a rated corporate Sukuk issue that was assigned a rating of "A" by Capital Intelligence.
The Mandated Lead Managers; Kuwait Finance House, Joint Lead managers Liquidity Management Centre have jointly commented on settlement date; "The settlement of a corporate manufacturing Sukuk issue that caters to the real estate sector in today's challenging market condition speaks boldly about the Issue and its obligor. Such news can only further reflect positively on the Sukuk market and its recent gain in momentum. We would like to thank everyone who participated in this issue and hope that the future can bring us similar success stories".
-Ends-
© Press Release 2011
