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Kuwait International Bank (KIB), rated A (stable) by Fitch, has priced a $300 million Tier 2 sustainable sukuk, at 5.535% per annum until the reset date of April 16, 2031, after which it will reset to the prevailing 5-year US Treasury rate plus 175 basis points.
Initial price thoughts were in the T+220bps area.
The 10.5-year non-call 5.5-year subordinated sukuk was issued through KIB Sukuk Limited.
The offering attracted strong demand of over $1.5 billion, excluding JLM interest.
(Writing by Brinda Darasha; editing by Seban Scaria)
