Ahli Cap­i­tal In­vest­ment Com­pany com­pletes Is­sue of NIG’s Bonds

Kuwait Times - - BUSINESS -

Ahli Cap­i­tal In­vest­ment Com­pany (ACIC), a fully owned sub­sidiary of Al Ahli Bank of Kuwait (ABK), hereby an­nounces the suc­cess­ful com­ple­tion of the clos­ing of bonds is­suance of Na­tional In­dus­tries Group (NIG), in col­lab­o­ra­tion with ABK.

This Bond marks the first KD de­nom­i­nated Se­nior As­set-Backed Bond to be is­sued in Kuwait. The KD 25 mil­lion Se­nior Bonds are backed by as­sets with cov­er­age up to 120% and not less than 112%. ACIC was able to com­plete the clos­ing of this bond is­suance on 20/12/2016 prior to the planned clos­ing date on 29/12/2016. ACIC acts as the Bond’s Lead Man­ager and Sub­scrip­tion Agent while ABK is the Pay­ing Agent. The five-year Se­nior As­set-Backed Bond, callable af­ter three years, was is­sued with a float­ing rate of 2.25% over the Cen­tral Bank of Kuwait (CBK) dis­count rate (equiv­a­lent to 4.75%p.a. at the cur­rent rate) an­dis backed by an in­vest­ment port­fo­lio of Boursa Kuwait listed se­cu­ri­ties man­aged by ACIC.

Cap­i­tal In­tel­li­gence, the in­ter­na­tional rat­ing agency, has rated the bond as ‘BBB’, sup­ported by the good op­er­at­ing per­for­mance of NIG as well as based on the seg­re­gated port­fo­lio of eq­uity in­vest­ments sup­port­ing the bond; held by ACIC as be­ing an in­de­pen­dent in­vest­ment cus­to­dian. Com­ment­ing on this is­sue, Muh­sen M AlHarbi, Chief Ex­ec­u­tive Of­fi­cer of ACIC, said:

“ACIC is proud to have played a key role in lead­ing this unique bond is­sue for NIG and for pro­vid­ing our in­vestors with an op­por­tu­nity to in­vest in an ex­cel­lent KD de­nom­i­nated in­vest­ment grade prod­uct. The suc­cess of this trans­ac­tion could not have hap­pened with­out the sup­port and co­op­er­a­tion of the Cap­i­tal Mar­kets Author­ity. On be­half of ACIC, I would like to ex­tend my grat­i­tude to our in­vestors, both in­sti­tu­tions and in­di­vid­u­als, for their sup­port in achiev­ing full sub­scrip­tion prior to its planned clos­ing date on 29/12/2016.”

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