Kuwait International Bank Issues USD 300 Million Tier 2 Sukuk

Kuwait International Bank (KIB) has issued USD 300 million in Tier 2 Sukuk, the issuance being over-subscribed by almost nine times, according to KIB sources. With an annual profit rate of 2.375%, KIB stated that the ten-year Sukuk remains non-callable for a period of five years, with over 50% of the issuance distributed amongst regional investors.

The issuance was managed by Standard Chartered and Citigroup, whilst Boubyan Bank, First Capital Abu Dhabi Bank, KAMCO Invest, Emirates NBD Capital, and KFH Capital Investment Company serving as joint arrangers of the deal.

According to KIB, the funds from the issuance will go towards the diversification of KIB’s financing sources as...