The first tranche of the programme, of $20m, has now closed, having been oversubscribed.
This transaction is a securitisation of takaful (Sharia'a-compliant) insurance policies and provides an opportunity for investors to participate and invest in sukuk certificates backed by Atlanticlux Lebensversicherung SA, a BBB rated, multinational insurance provider. The sukuk has been assigned an investment grade credit rating by Fitch and will be issued in amortising tranches, each with a term of five years, and an average life of approximately 2.5 years.
Distributions will be made quarterly to investors on a fully amortizing basis and the profit rate is expected to be 7% per annum.
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