Kuwait’s CMA says $2 bil­lion of cor­po­rate bonds, sukuk in pipeline

Kuwait Times - - LOCAL -

Kuwait’s fi­nan­cial reg­u­la­tor is con­sid­er­ing re­quests from lo­cal com­pa­nies to is­sue $2 bil­lion worth of con­ven­tional bonds and sukuk, the chair­man of the Capital Mar­kets Au­thor­ity, Nayef AlHa­jraf, said yes­ter­day. The ap­pli­ca­tions are un­der study for fi­nal ap­proval, he said at a con­fer­ence in Kuwait. He did not spec­ify whether the is­sues would be in for­eign or lo­cal cur­rency.

Bond is­suance ap­proved by the CMA to­tals $4 bil­lion since new rules cov­er­ing debt sales were in­tro­duced a year ago, while sukuk stand at $700 mil­lion, Ha­jraf added. He also said the CMA was work­ing on cre­at­ing reg­u­la­tions for a sec­ondary mar­ket to trade bonds and sukuk in Kuwait. —Reuters

KUWAIT: Capital Mar­ket Au­thor­ity’s Chair­man Dr Nayef Al-Ha­jraf speaks dur­ing a sem­i­nar yes­ter­day. —KUNA

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