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Kuwait Finance House (KFH), rated A2 by Moody’s and A by Fitch, both with a stable outlook, priced its $850 million Reg S perpetual non-call 5.5-year Fixed Rate Resettable AT1 capital sukuk with a 6.25% semi-annual coupon.
The price was marginally tightened on the Eurobond offering from initial price thoughts in the 6.625% area.
The re-offer price was set at par, with a yield of 6.25%. The spread was set at T+250.2.
The final orderbook was in excess of $1.7 billion, excluding JLM interest.
KFH Capital was global coordinator on the offering, along with Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Arqaam Capital, ASB Capital, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Kamco Invest, Mashreq and Standard Chartered Bank as joint lead managers and joint bookrunners.
The sukuk, a Mudaraba structure, will be listed on the London Stock Exchange’s International Securities Market.
(Writing by Bindu Rai, editing by Daniel Luiz)
