Kuwait's Equate Petrochemical sells $700 million in 7-year bonds

Citi, JPMorgan, MUFG and NBK Capital are leading the deal

  
Image used for illustrative purpose only. U.S. dollar notes are seen in this picture illustration

Image used for illustrative purpose only. U.S. dollar notes are seen in this picture illustration

REUTERS/Lee Jae-Won

DUBAI- Kuwait's Equate Petrochemical Company sold on Wednesday $700 million in seven-year bonds after receiving over $3.6 billion in orders for the debt sale, a document showed.

The bonds were launched at 140 basis points (bps) over U.S. Treasuries, tightened from initial guidance of around 170 bps over Treasuries, the document from one of the banks on the deal showed.

Citi, JPMorgan, MUFG and NBK Capital led the deal. BNP Paribas, HSBC, Mizuho, SMBC Nikko and Standard Chartered were also on the deal.

The Muslim holy fasting month of Ramadan often sees fewer bond sales from the Gulf, but Equate's follows another of the region's corporates, Abu Dhabi National Energy Company (TAQA), selling $1.5 billion in dual-tranche bonds on Tuesday. 

TAQA is owned by Abu Dhabi state-owned holding company Etisalat, the UAE's former telecomms monopoly which is 60% owned by the federal government via the sovereign wealth fund Emirates Investment Authority, is planning a euro-denominated issuance soon. 

(Reporting by Yousef Saba, editing by Louise Heavens and David Evans) ((Yousef.Saba@thomsonreuters.com; +971562166204; https://twitter.com/YousefSaba))

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