| Gulf International Bank (GIB) has completed the pricing and closing of a three-year $300 million Sukuk Al Murabaha private placement. The sukuk certificates will pay a profit rate of six-month US dollar Libor plus 130 base points on a semi-annual basis, and will mature on December 7, 2014.
The sukuk offering was successfully placed with a number of institutional investors, with JP Morgan acting as sole manager of the placement. "We are delighted with the successful closing of our inaugural placement in the Islamic sukuk market, and securing an attractive pricing despite the volatile market backdrop," said GIB chief executive Dr Yahya Alyahya...............................................Full Article: Source |