Kuwait Financial Centre S.A.K (Markaz) has listed a $100 million bond on the Dubai International Financial Exchange (DIFX), becoming the first non-UAE issuer to list a conventional bond on the exchange.
Commenting on the listing, Manaf Alhajeri, General Manager of Markaz, explained that: “As the region’s international stock market, the DIFX provides us with visibility as well as a high quality regulatory framework."
He added:
“The money raised will be used to further Markaz’s expansion and development plans in investment banking and asset management across the Middle East and North Africa with a focus on offering new investment products, capturing opportunities arising from the privatization of the energy sector and utilities, targeting real estate development, expanding derivatives and structured finance products into new markets and pursuing direct investment opportunities.”
Per E. Larsson, Chief Executive of the DIFX, noted: “This listing by one of the region’s most prominent banking institutions confirms the DIFX’s stature as a leading platform for conventional bonds. We are preparing for further bond listings from a variety of issuers.”
The listing brings the total value of conventional bonds listed on the DIFX to $6.685 billion. The exchange also has $12.78 billion of Sukuk (Islamic bonds), more than any other exchange.
Hamed Ali, Executive Officer of the DIFX, observed: “Gulf Cooperation Council issuers have raised more than $12 billion in the first half of this year in Sukuk and conventional bonds. There is a clear appetite for debt financing in the region.”
Markaz’s bond comprises Floating Rate Notes due in 2012. They are listed exclusively on the DIFX. The issue was 27% oversubscribed, with around 70% being allocated to investors in the Middle East and North Africa, and 30% to investors elsewhere.
Barclays Bank PLC, NBK Capital and National Bank of Abu Dhabi acted as the Joint Lead Managers and Bookrunners, while Gulf International Bank and Raiffeisen Zentralbank Österreich Aktiengesellschaft also acted as Joint lead Managers.
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