Arcapita plans multicurrency sukuk

08 July 2005
Bahrain-based Arcapitahas mandated Bayerische HypoVereinsbank, Standard Bankand WestLBto arrange a $200 million murabaha sukuk issue. Roadshows kicked off on 29 June and will take in Asia, the Middle East and Europe.
Bahrain-based Arcapitahas mandated Bayerische HypoVereinsbank, Standard Bankand WestLBto arrange a $200 million murabaha sukuk issue. Roadshows kicked off on 29 June and will take in Asia, the Middle East and Europe.

Bubiyan Bank, Bumiputra-Commerce Bank, Natexis Banques Populaires, RZB Bankand The Arab Investment Companyhave joined the deal as lead arrangers and sub-underwriters. The five-year bullet instrument is unusual in being denominated in three currencies, 50 per cent in dollars and 25 per cent each in sterling and euros.

The proposed pricing of the paper is 175 basis points over Libor. Arcapita is a repeat issuer of the Islamic instrument, having launched a Eur 75 million ($91.3 million) sukuk in late 2004 and a $75 million sukuk in 2002 (MEED 8:10:04).

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications