Gulf Investment Corporation issues 300m Swiss franc bonds
- Kuwait: Saturday, October 20 - 2012 at 13:12
- PRESS RELEASE
Gulf Investment Corporation GSC (GIC) successfully accessed the CHF capital markets, pricing their inaugural CHF300m ($325m) bond issue via 3 year fixed rate notes in Switzerland. BNP Paribas (Suisse) and The Royal Bank of Scotland plc acted as Joint Lead Managers, with the notes being issued under GIC's $2.5bn EMTN Programme, via GIC Funding Limited, which is a Cayman Island-domiciled entity fully guaranteed by GIC.
GIC is the first Middle Eastern issuer to access the Swiss Franc market in more than 20 months, and in doing so achieved some historic milestones. This transaction marks the largest CHF public offering ever printed by any Middle Eastern issuer, and has achieved a record all-time low coupon within the CHF market for all Middle Eastern issuers. Moreover, the transaction successfully availed a new European investor base for GIC's funding pool.
Hisham Al-Razzuqi, Chief Executive Officer, commented on the successful transaction, saying: "We are delighted to have accessed the CHF market, broadening our investor base and introducing our credit to a high quality European market. The growth in financial linkage between Switzerland and the Middle East over the last few years, and more recently, the dearth in supply from Middle Eastern credits, has presented notable demand for an issue from GIC".
Established in 1983, GIC is a regional financial institution owned entirely and equally by the six GCC states of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE. GIC strives to provide a comprehensive set of financial services that promote development of the private enterprise and foster economic growth in the GCC. GIC has emerged as a regional leader in its chosen fields, and has successfully promoted and developed projects in the GCC across a range of sectors, including financial services, petrochemical, metal, power, utilities, and communications.
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