Strong response to Gulf firm’s RM1b bonds

PETALING JAYA: Gulf Investment Corp GSC's (GIC) two tranches of fixed rate bonds totalling RM1bil has been oversubscribed by an average 2.76 times.  

The regional financial institution is owned by the six-member Gulf Cooperation Council. 

In a joint statement, lead arranger ABN Amro Bank (M) Bhd together with joint lead managers and joint bookrunners RHB Investment Bank Bhd and Standard Chartered Bank Malaysia Bhd said the bonds would be issued on Feb 5.  

The first tranche of RM600mil has a maturity of five years and a coupon rate of 3.98% while the second tranche of RM400mil has a maturity of 15 years and a coupon rate of 4.52%.  

The banks said the bond issuance represented the first issue by a Middle Eastern multilateral institution in the ringgit debt market.  

The bonds have been accorded the highest AAA rating while the company has been accorded a financial institutions rating of AAA/P1 with a stable outlook by RAM Rating Services Bhd. 

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