GE Capital to issue its second Sukuk

17 May 2010

(MENAFN) GE Capital, a unit of General Electric Company, said that it will issue its second Islamic bond, or sukuk, in late 2010 or in 2011, Reuters reported.

Chief Executive of GE Capital Middle East and Africa, Aris Kekedjian, said that the Islamic bond is expected to be a benchmark issue.

Last year, GE Capital became the first large US conglomerate to issue an Islamic bond when it raised $500 million in November. Kekedjian said that the firm plans to become a regular sukuk issuer over time.

Based on demand, he said that a benchmark issuance would come as early as the end of 2010, but it would be more likely to be offered in 2011.

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