GulfBase Live Support
23/04/2012 08:39 AST
GIB Capital, acting as joint lead manager and joint book runner with Riyad Capital, has successfully closed Ajil Financial Services company's privately placed 500 million Saudi riyals ($133.3m) sukuk, issued through Ajil Cayman, a limited liability special purpose company incorporated in the Cayman Islands.
The inaugural sukuk has a three-year tenor with an amortising structure and pays a coupon of three month Sibor plus 80 basis points quarterly.
The sukuk was issued at par.
"We are pleased to have assisted Ajil in arranging their debut sukuk," said GIB Capital chief executive Srinivas Vemparala.
"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.
"The issue was oversubscribed and priced at the lowest margin achieved by a non-governmental issuer in the Saudi riyal market since 2008."
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