PHOTO
Kuwait International Bank (KIB), rated A (stable) by Fitch, has issued a mandate for Islamic bonds, eyeing a fixed rate resettable Reg S 10.5-year non-call and a 5.5-year Sustainable Tier 2 dollar-denominated sukuk offering with an expected issue rating BBB+ by Fitch.
Citi and Standard Chartered Bank have been mandated as Joint Global Coordinators alongside Arqaam, ASB Capital, HSBC, Kamco Invest, KFH Capital, KIB Invest and QNB Capital that are working as Joint Lead Managers and Bookrunners to arrange investor calls that commence Tuesday.
The issuance will come under KIB Sukuk Limited’s $1.5 billion Trust Certificate Issuance Programme.
The Kuwait-listed lender made the announcement following the October 5 approval from the country’s Capital Market Authority to proceed with a private offering prospectus for the issuance of Tier 2 Capital Sukuk, valued up to $300 million.
The sustainable T2 sukuk will come under KIB’s recently established Sustainable Finance Framework.
(Writing by Bindu Rai, editing by Daniel Luiz)
