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Kuwait’s Boubyan Bank has launched its $500 million senior unsecured Reg S 5-year sukuk, with a spread set at CT5+95bps. The initial price guidance came in the area of T+130bps.
The order book is $1.7 billion, excluding JLM interest.
The issuance is rated A by Fitch, in line with the lender’s rating by Fitch and S&P, and A2 by Moody’s.
The Wakala / Murabaha structure has a fixed rate coupon, paid semi-annually.
The settlement date is June 4.
Banks mandated include Standard Chartered, HSBC, and Citi Bank, which have been appointed global coordinators on the issuance.
Arab Banking Corporation, Boubyan Capital Investment Company, KFH Capital Investment Company, Warba Bank, KIB Invest, Dubai Islamic Bank, SMBC Bank International, The Islamic Corporation for the Development of the Private Sector, along with Standard Chartered, HSBC, and Citi Bank have been appointed joint lead managers.
The structure will be issued under Boubyan’s $3 billion Trust Certificate Issuance Programme and will trade on Euronext Dublin.
(Writing by Bindu Rai, editing by Seban Scaria)
