GIC raises $197m in Malaysia bond sale.
GIC, a leading regional financial institution owned by the six Gulf member states, said the program has been rated AAA by rating agency Malaysia.
Commenting on the successful issue, Hisham A. Al Razzuqi, the GIC chief executive officer, said, "The success of the issue is commendable, especially in light of the challenging environment, and is testimony to the confidence investors have placed on GIC."
"The sustained improvement in profitability and financial strength over the past two years reaffirms the GIC's success in overcoming challenging operating environments, and is a reflection of its inherent resilience," Al Razzuqi noted.
Liability management is a vital component of GIC's business strategy and prudent targets are set, across the term structure, with the objective of optimizing the risk return profile of our funding.
This five-year issue helps further diversify the GIC's funding source both, in terms of geography and tenor, he added.
The Royal Bank of Scotland was the lead manager of the issue, strongly supported by Maybank Investment Bank, who were the co-leads.
According to Al Razzuqi, GIC has had a long and strong relationship with Malaysian investors, and this issue follows a previous MR1 billion issue in 2008.- TradeArabia News Service
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|Publication:||TradeArabia (Manama, Bahrain)|
|Date:||Feb 20, 2011|
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