|29 May, 2019

Kuwait International Bank starts marketing $300mln sukuk

Citigroup, Dubai Islamic Bank, First Abu Dhabi Bank, KAMCO Investment Co, KFH Capital Investment Company, and Standard Chartered Bank have been hired to lead the transaction

Image used for illustrative purpose.

Image used for illustrative purpose.

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DUBAI  - Kuwait International Bank started marketing $300 million perpetual sukuk, or Islamic bonds to boost its tier 1 capital, with a yield of around 6.25%, a document by one of the banks leading the deal showed.

Perpetual bonds mimic some of the characteristics of equity because they lack a maturity date.

Citigroup, Dubai Islamic Bank, First Abu Dhabi Bank, KAMCO Investment Co, KFH Capital Investment Company, and Standard Chartered Bank have been hired to lead the transaction, which will price later on Wednesday.

(Reporting by Davide Barbuscia) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: davide.barbuscia.reuters.com@reuters.net))

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