Kuwait: IMF reform pressure as Equate mandates for dollars
Equate Petrochemical, the petrochemical producer part-owned by Kuwait, has laid plans to re-enter the international debt markets after less than a year since its last outing. The mandate comes just days after the IMF warned Kuwait to undergo fiscal consolidation after its economy shrank last year.
Equate, rated Baa2/BBB by Moody’s and S&P, has mandated Citi, JP Morgan, MUFG and NBK Capital as global coordinators, while BNP Paribas, HSBC, Mizuho, SMBC and Standard Chartered are also joining as lead managers and bookrunners.
Investor calls will start on Monday.The issuer is seeking a Reg S/144A dollar-denominated conventional bond with a ...