Mubasher: KAMCO Investment Company, Gulf Bank of Kuwait (GBK), and NBK Capital acted as Joint Lead Managers for the Kuwait Projects Company (KIPCO)’s senior unsecured dual-tranche bonds worth KWD 100 million.
This bonds issue is due December 2024, according to a recent statement.
This senior unsecured bond issuance, with an issuer’s rating of “BBB-” by Standard & Poor’s, is the only Kuwaiti dinar-denominated corporate bond in 2017 and the first seven-year KWD denominated corporate bond issuance in Kuwait.
“The issuance was well received by a wide variety of investors including government, institutional and other professional clients, with an oversubscription rate of over 1.45 times,” the statement added.
The issuance is considered the largest KWD issuance by a Kuwaiti corporate, reflecting KIPCO’s credit strength and investment appeal.
