Kuwait Financial Centre " Markaz " announced that it has repaid all of its $100 million bonds issued in July 2007 on the specified maturity date which is July 5th, 2012.
Markaz issued these five-year bonds in 2007 with a Floating Rate Notes of 110 basis points over LIBOR paid quarterly. With this issue, Markaz was the first non-UAE company to list a conventional bond on Dubai International Financial Exchange (DIFX).
Manaf Alhajeri, Markaz Chief Executive Officer said: " Markaz 's ability to timely honor its financial obligations despite the credit complications in the regional and global investment climate is a testament of the company's strong financial position. This is due to the company's compliance with prudent fiscal policies that maintained sufficient liquidity levels yielding the proper balance of asset and liability maturities. In addition, Markaz 's dynamic and well-researched investment strategy has enabled the company to pinpoint rewarding investment opportunities. All of that plus the sound governance system adopted by Markaz have enabled the company to sustain a credit rating of BBB."
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