Latest News
- Kuwait-Jordan Durra Field Joint Statement Rejected By Iran
- GTD Cracks Down On Vehicle Noise Pollution In Sulaibiya
- Mystery Of Dead Fish At Shuwaikh Beach Sparks Urgent Action
- MEW To Complete Links With The Interior And Justice Ministries B...
- 8 Expats Jailed For Bribing An Officer To Obtain Driver's Licens...
- Weekend Weather Is Expected To Be Hot
- From Tomorrow, Traffic Diversion On Third Ring Road
- Ministry Of Health Refute Rumors On Non-availability Of Antibiot...
- Amir Of Kuwait And Jordan King Renew Commitment To Regional Secu...
- 37 Arrested With Narcotics And Firearms
- Outrage Over Candidate's Arrest
- Six Stores Shut Down In Jahra For Selling Fake Goods
Abk Prices Highly Successful $300 Million Bond
Al Ahli Bank of Kuwait K.S.C.P. (“ABK”) priced a highly successful $300 million bond, marking the first international capital markets issuance out of Kuwait in 2018. The instrument, issued to further boost ABK’s eligible Tier-1 capital has a call date of 5 years.
The bond issuance is fully Basel III compliant and is also one of the few bank capital issuances in the GCC to carry an instrument rating. ABK had previously conducted meetings with international investors across Hong Kong, Singapore, U.A.E. and the United Kingdom for its debut senior US$500 million bond issued last April 2017.
It further continued this dialogue on a deal roadshow with meetings in London earlier this month.
Orderbooks opened on Sept 19, shortly after the Asia market open, with initial pricing thoughts of 7.375%. Following the strong response from investors, price guidance was revised on the same day during the London morning at 7.250% +- 0.125% eventually printing at the headline figure.
The transaction was very well received by international investors, culminating in an orderbook twice oversubscribed at the initial price level.
The transaction received a solid international distribution with over 71% being sold outside the region – 46% to the UK, 14% to Europe, 11% to Asia – with the final 29% being sold to regional investors in the MENA region.
Top quality investors participated, with 62% being sold to fund managers, 13% to private banks, 12% to bank treasuries, 11% to pension funds and insurance companies, and 2% to corporates.
The transaction marks ABK’s second consecutive foray into the international capital markets since its debut deal last year. The bonds will be issued by Al Ahli Bank of Kuwait K.S.C.P. (ABK) and are expected to settle on Sept 26, 2018.
The bonds will be listed on the Irish Stock Exchange. Citigroup, HSBC, and J.P. Morgan were the Joint Lead Managers and Bookrunners for the offering.
SOURCE : ARABTIMES
Trending News
-
Kuwait Implements Home Biometrics Services Ahead O...
14 April 2024
-
Kuwait Airways Provides Update On Flight Schedule...
14 April 2024
-
Kuwait Airways Introduces Convenient Home Luggage...
15 April 2024
-
Expat Residency Law Amended By Kuwait Ministerial...
20 April 2024
-
Two Expats Are Arrested For Stealing From Salmiya...
17 April 2024
-
Kuwait Airways Resumes Flights To Beirut And Oman...
15 April 2024
-
Temperature Increases Cause Electricity Load Index...
21 April 2024
-
Thief Returns Stolen Money With An Apology Letter...
15 April 2024
-
3 Expats Caught In Salmiya With 213 Bottles Of Loc...
23 April 2024
-
Ministry Of Interior Denies Social Media Rumors Re...
13 April 2024
Comments Post Comment