Boubyan Bank US$ 5year sukuk IPTs T+130bp area: IFR

Boubyan Bank is marketing a US dollar five-year sukuk at initial price guidance of Treasuries plus 130bp area.

Boubyan Sukuk is the issuer and Boubyan Bank the obligor.

The Reg S senior deal will be rated A by Fitch. 

The obligor, rated A2/A/A, is 60.4% owned by National Bank of Kuwait.

Citigroup, HSBC and Standard Chartered Bank are joint global coordinators, as well as lead managers with Bank ABC, Boubyan Capital, Dubai Islamic Bank, KFH Capital, KIB Invest, SMBC, The Islamic Corporation for the Development of the Private Sector and Warba Bank. 

Source: IFR