Kuwait
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This week saw the entry of Kuwait into the capital markets. The sovereign’s long awaited debut received orders of $29bn at peak, proving that demand for the region is as strong as ever. Now Argentina is looking to print a rare Swiss franc deal. -
Kuwait nipped in on Monday ahead of the Fed decision this week to raise $8bn with its debut bond, establishing a liquid benchmark at the five and 10 year parts of the curve. While the emphatic statement the deal made was not in question, there was debate about the bonds’ relative value against other Gulf sovereigns.
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Attractive pricing helped Kuwait build a huge order book on Monday morning for its debut bond as bankers debated where pricing should land for the sovereign.
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Warba Bank was on course to become the third Kuwaiti lender to raise capital via the sukuk market after setting final guidance for a debut additional tier one (AT1) deal.
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Even as some investors fretted about Oman’s economic welfare, a stampede of orders into the country's $5bn triple tranche deal on Wednesday augured well for the hefty sovereign issuance to come from Gulf sovereigns this year — the next of which has a bigger deal to do and arguably a better tale to tell in the process, one it will tell next week. Lucy Fitzgeorge-Parker and Virginia Furness report.
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Kuwait National Petroleum (KNP) is in talks with 10 banks over a loan to fund its expansion plans.
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Books opened on Wednesday on the year’s first bumper Gulf sovereign deal, a triple trancher from Oman that is expected to raise at least $2bn and extend the borrower’s curve by more than 20 years. But an even bigger sovereign deal from the Gulf is waiting in the wings.
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Warba Bank is on track to become the third Kuwaiti lender to raise capital via the sukuk market following the announcement on Tuesday of plans for a global roadshow.
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Plenty of demand enabled Equate Petrochemical to aggressively revise pricing to print a restrained $500m sukuk on Monday from a book that reached $4.2bn before it was reconciled. Kipco followed on Thursday with an equally strong deal.
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Kuwait Projects Company (Kipco) attracted more than $1.4bn of orders for a new 10 year dollar deal after tightening pricing to 4.75% area.
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Strong demand enabled Equate Petrochemical to aggressively revise pricing to print a restrained $500m sukuk on Monday from a book that reached $4.2bn before it was reconciled.
