{"id":789,"date":"2009-12-03T23:16:16","date_gmt":"2009-12-03T17:46:16","guid":{"rendered":"http:\/\/mohamediqbalp.wordpress.com\/2009\/12\/03\/ge-unit-nears-islamic-bond-sale-bankers\/"},"modified":"2009-12-03T23:16:16","modified_gmt":"2009-12-03T17:46:16","slug":"ge-unit-nears-islamic-bond-sale-bankers","status":"publish","type":"post","link":"https:\/\/venusimportexport.com\/wordpress\/index.php\/2009\/12\/03\/ge-unit-nears-islamic-bond-sale-bankers\/","title":{"rendered":"GE unit nears Islamic bond sale – bankers"},"content":{"rendered":"

GE unit nears Islamic bond sale – bankers | \u6295\u8d44\u8d44\u8baf | \u516c\u53f8\u65b0\u95fb | reuters.com.cn<\/a><\/p>\n

2009\u5e74 11\u6708 19\u65e5 \u661f\u671f\u56db 20:23 BJT<\/p>\n

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* General Electric unit to sell 5-yr benchmark bond<\/p>\n

* Could raise as much as $1 bln<\/p>\n

* U.S. conglomerate looking to diversify investor base<\/p>\n

By Rachna Uppal<\/p>\n

DUBAI, Nov 19 (Reuters) – A unit of General Electric (GE.N: \u884c\u60c5) is expected to close the order books on Thursday on a 5-year fixed-rate dollar denominated sukuk, or Islamic bond, as the U.S. conglomerate looks to diversify its investor base, bankers said.<\/p>\n

Unofficial price guidance for General Electric Capital Corp (GECC)’s (GEA.N: \u884c\u60c5) Reg S sukuk is between 165 basis points (bps) and 175 bps over U.S. Treasuries, and the issue could be worth as much as $1 billion, depending on demand, bankers close to the transaction said.<\/p>\n

The global Islamic bond market has been lying idle for much of 2009, after issuance was hit last year by the global credit crunch and a debate over the compliance of some of its structures with Islamic law.<\/p>\n

Several sovereigns, including Gulf Arab state Bahrain and Indonesia, have issued sukuk in recent months.<\/p>\n

Issuance fell 56 percent to $14.9 billion in 2008, according to Standard & Poor’s, but interest for high-rated emerging market debt has seen a flurry of conventional and Islamic bond issues in the third quarter of the year.<\/p>\n

Bankers say GE Capital, the financial services arm of General Electric, aims to diversify its investor base to incorporate Islamic investors.<\/p>\n

“GE is one of the most prolific issuers in the U.S. and all they are trying to do is tap a different investor base,” said one banker, who declined to be identified as the transaction is ongoing.<\/p>\n

“Its always good to have a new market, and a diversified investor base,” another banker said.<\/p>\n

GE Capital’s sukuk will be issued through GE Capital Sukuk Ltd, a subsidiary of GE Capital, in an Ijara structure.<\/p>\n

Ijara — Arabic for leasing — incorporates an agreement in which banks lease an asset to a client for a specific time at a specific price. At the end of the leasing period, the client may or may not own the asset.<\/p>\n

A series of roadshows taking in Asia and the Middle East were held recently to gauge demand from investors for the GE Capital bond.<\/p>\n

Goldman Sachs, Citi, Kuwait’s Liquidity House – a subsidiary of Islamic lender Kuwait Finance House – and National Bank of Abu Dhabi are joint bookrunners for the sukuk issue.<\/p>\n

Bank Islam Brunei Darussalam is joint lead manager, according to a banker.<\/p>\n

Abu Dhabi government-owned investment company Mubadala said on November 9 its commercial finance joint venture with General Electric (GE.N: \u884c\u60c5) was aiming for at least $4 billion in business next year. [ID:nL9432986]<\/p>\n

(Additional reporting by Rania el Gamal and Stanley Carvalho; Editing by John Irish, John Stonestreet) <\/p><\/blockquote>\n

\"\"<\/div>\n","protected":false},"excerpt":{"rendered":"

GE unit nears Islamic bond sale – bankers | \u6295\u8d44\u8d44\u8baf | \u516c\u53f8\u65b0\u95fb | reuters.com.cn 2009\u5e74 11\u6708 19\u65e5 \u661f\u671f\u56db 20:23 BJT \u4fdd\u5b58\u4e3a\u4e66\u7b7e | \u6253\u5370 | \u9605\u8bfb\u5168\u6587[-] \u6587\u5b57\u5927\u5c0f [+]\u5168\u7403\u5e02\u573a\u65b0\u95fb\u3014\u4e1c\u5357\u4e9a\u80a1\u5e02\u3015\u591a\u6570\u6536\u9ad8,\u6cf0\u56fd\u80a1\u5e02\u53cd\u5f39\u4e14\u65b0\u52a0\u5761\u80a1\u5e02\u7eed\u6da8\u4f26\u6566\u91d11030\u5b9a\u76d8\u4ef7\u4e3a\u6bcf\u76ce\u53f81,218.25\u7f8e\u5143,\u4e0a\u65e5\u7ebd\u7ea6\u6536\u76d8\u4e3a1,215.90\u7f8e\u5143\u3014\u6b27\u5143\u503a\u5e02\u3015\u5fb7\u503a\u671f\u8d27\u6269\u5927\u8dcc\u5e45,\u77ed\u6682\u89e6\u53ca123.00\u4e0b\u65b9\u7684\u4e00\u5468\u65b0\u4f4e\u66f4\u591a\u5e02\u573a\u65b0\u95fb * General Electric unit to sell 5-yr benchmark bond * Could raise as much as $1 bln * U.S. conglomerate looking to diversify investor base By Rachna Uppal…
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