Kuwait's NIG rallies after dropping sukuk extension plans
Kuwaiti investment firm National Industries Group has scrapped plans to obtain a four year extension on a $475m sukuk and will now repay the notes when they mature on Thursday this week.
NIG had previously asked investors to restructure the deal. According to emerging markets focused boutique Exotix, NIG sukuk holders could have been looking at a yield to maturity of 21.7% for the extension.
Although 92% of the sukuk's holders approved the terms, NIG said it has now raised
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