Gulf Investment Corporation GSC, Kuwait (GIC) has successfully issued MYR750 million ($253 million) under its existing 20-year MYR3.5 billion ($1.18 billion) Sukuk Wakalah bi Istithmar Medium Term Notes Program. AmInvestment Bank Berhad acted as the Sole Lead Manager for the GIC Sukuk issuance with AmIslamic Bank Berhad appointed as the Transaction Agent to facilitate the commodity trading via the Suq Al-Sila' trading platform on Bursa Malaysia. This is the second issuance from the GIC Sukuk and the fourth issuance from GIC in Malaysia since 2008. The GIC Sukuk, which has been assigned a long-term rating of AAA by RAM Rating Services Berhad, will enable GIC to tap the Malaysian capital markets for long-dated funding and improve its asset-liability management, thereby mitigating and interest-rate risks. GIC had sold its first tranche of MYR600 million ($202 million) of five-year GIC Sukuk in Malaysia at a yield of 5.25 percent per annum. "GIC is pleased to have successfully completed our fourth issuance in Malaysia since our inaugural issuance in 2008, making us a frequent foreign issuer which offers an additional avenue to diversify our sources of funding as part of the management's efforts to enhance its liquidity risk management structure. We anticipate more issuers from the GCC region following suit in tapping into non-traditional sources to obtain long term funds," said Hisham Al-Razzuqi, chief executive officer of GIC.
