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Kuwait’s Boubyan Bank priced its $500 million senior unsecured Reg S 5-year sukuk at 4.973% with fixed, semi-annual, 30/360 coupon.
The books came in at $1.7 billion, excluding JLM interest.
Earlier, the Kuwaiti lender had a spread set at CT5+95bps, with the initial price guidance in the area of T+130bps.
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 maturity date is June 4, 2030.
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 comes under Boubyan’s $3 billion Trust Certificate Issuance Programme and will trade on Euronext Dublin.
(Writing by Bindu Rai, editing by Daniel Luiz)
