Kuwait raises $8bn in strong market debut
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.
With the US Federal Reserve expected to raise interest rates on Wednesday, Kuwait looked to be factoring in a volatility premium at the initial price thoughts stage on its twin tranche deal, according to EM syndicate bankers.But this premium was all but squeezed out during the execution ...
Please take a trial or subscribe to access this content.
Contact our subscriptions team to discuss your access: firstname.lastname@example.org