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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.
The Arrangers; Kuwait Finance House K.S.C (Kuwait), Kuwait Financial Centre (Kuwait) and
Liquidity Management Centre B.S.C. (c) (Bahrain) have jointly commented on settlement date;
“The settlement of a corporate real estate Sukuk issue in today’s challenging market condition
speaks boldly about the Arrangers and their obligors. 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”.
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