Kuwait
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The Islamic bank is offering a premium to Kuwait's largest bank -
Recent sluggishness experienced by a Saudi AT1 is unlikely to be repeated for KFH's deal
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NBK will land inside a tier two from another Kuwaiti bank last month
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The issuers are the first from Kuwait since the sovereign's blockbuster return
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The new government bonds provide a fresh and helpful benchmark for Kuwait's issuers
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Investors from outside of the Middle East formed the majority of the book
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Sovereign to price bonds through Saudi Arabia, but back of Abu Dhabi and Qatar
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Investors have awaited Kuwait's return to the market it passed a debt law in March
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Big moves from guidance, small concessions paid
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NBK, QIC and RAK Bank looking for subordinated bonds
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EM investors may be happy to see some senior supply after glut of tightly priced AT1
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Strong local bids enable AT1 sukuk issuers to set yields far below where overseas buyers see fair value
