Kuwait City: KAMCO Investment Company, a leading investment firm with one of the largest AUMs in the region, issued a KD 40 million, five-year tenure bond, with KAMCO and Gulf Bank as Joint Lead Managers and Arrangers for the debt securities issuance. The transaction was well received by investors, and the success of the placement was witnessed by a strong oversubscription which was covered in a period of 3 days, the shortest subscription period for a KD denominated bond ever. The decision by the Issuer and the Joint Lead Managers to shorten the subscription period to 3 days only was driven by their commitment to enhance the local market standards to be more in line with international best practices where subscription periods can be 24 hours or less.

The bond is comprised of two tranches: Fixed interest bonds with an interest rate of 6.00%, paid quarterly in arrears; and Floating interest bonds with an interest rate set at the discount rate declared by the Central Bank of Kuwait plus 2.75% paid quarterly in arrears, capped at 7.00% per annum.

KAMCO has recently been assigned an investment grade credit rating of ‘BBB’ long-term and ‘A3’ short term by Capital Intelligence Ratings Ltd. (“CI”). These ratings reflect the Firm’s solid performance and progressive development strategy while managing an AUM of USD 11.2 billion, as of December 31st, 2017.

Mr. Khaled Fouad, Chief Investment Officer of KAMCO, said, “I would like to extend my gratitude towards Gulf Bank and KAMCO’s Debt Capital Markets team for delivering a deal and making this transaction a resounding success. The strong appetite witnessed during this transaction is a testament to the robustness of KAMCO’s prudent investment strategy, strong credit profile, and access to institutional and high net worth clients. Proceeds from the issuance will be used for financing the future activities of the company.”

Mr. Fouad also said that KAMCO is a key player in the local and regional investment communities with plans to fully utilize its resources, generating the best financial and investment solutions for its clients and stakeholders alike. The firm is proud to once again play a prominent role in strengthening the local and regional capital markets ecosystem to fuel economic growth.

Mr. Ahmad Khaled Al Duwaisan, General Manager of Corporate Banking at Gulf Bank, said, “Gulf Bank is proud to contribute to the issuance of this KD 40 million bond as we focus our commitment towards our corporate clients. We will continue to seek such opportunities to share our expertise and extensive knowledge, and drive local business and economical success.”

KAMCO and Gulf Bank expressed their appreciation towards the Capital Markets Authority for their support, commitment and cooperation towards enhancing the financial services industry.

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About KAMCO

KAMCO Investment Company K.S.C (Public) is a premier investment company based in Kuwait. The Company is one of the leading investment firms in the Gulf region in terms of assets under management (AUM), and is regulated by the Capital Markets Authority.

Established in 1998 and listed on the Boursa Kuwait in 2003, KAMCO is a subsidiary of United Gulf Bank (UGB). The Company has established itself as a regional leader in providing innovative products and services to its clients, enabling it to increase AUM to over USD 11.2 billion (as of 31 December 2017) and achieve a strong track record of 96 successful investment banking transactions worth around USD 15.2 billion (as of 31 December 2017).

With almost two decades worth of experience in conducting business with in investment industry, KAMCO has successfully established a robust reputation in the region, driven by its performance, prudent and conservative investment philosophy, solid business model and fundamental belief in implementing the highest standards of transparency, which has consistently commanded the goodwill of a wide and growing patron-base.

Through its strategy, the Company aims to continue building upon its core competencies to provide the MENA region with innovative investment management consultancy and services, in addition to financial services that meet the needs of clients through value-added investment products and a cautious investment approach that is supported by an experienced team and strong track record.

KAMCO Investment Company (DIFC) Limited (KAMCO DIFC) is a whole owned subsidiary of KAMCO Investment Company, incorporated in the Dubai International Financial Centre and regulated by the Dubai Financial Services Authority.

About Gulf Bank

Gulf Bank is one of the leading conventional banks in Kuwait with total assets of KD 5,683 million for year ended 31 December 2017. The Bank provides a broad offering of consumer banking, wholesale banking, treasury, and financial services through its large network of 58 branches and more than 200 ATMs in Kuwait.

The Bank was founded in 1960, and is listed on the Kuwait Stock Exchange (Boursa Kuwait) since 1984.

The Bank is currently ranked 'A' by the four leading international credit rating agencies:

The Bank kicked off last year by setting an international Guinness World Records achievement for its Al Danah account prize of KD One Million as the ‘largest prize linked to a bank account’ in the world ‘. Gulf Bank’s performance continues to be strongly recognized on local, regional, and international levels, spread over different sectors of its work.

Gulf Bank is strongly committed to giving back to Kuwait and society through its corporate social responsibility program. The Bank supports numerous events focusing on youth, education, health and fitness, helping the underprivileged, women's empowerment, as well as promoting Kuwait's heritage and culture.

© Press Release 2018

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