Kuwait
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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. -
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.
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Equate Petrochemicals was on track to print its debut sukuk on Monday. Bankers on the deal said it was likely to print inside where a new conventional bond would come.
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Dubai Islamic Bank printed the largest ever senior financial sukuk on Tuesday, an accomplishment that bodes well for the busy pipeline of Middle Eastern bonds.
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Sukuk supply looks set to step up in the first half of February, after two Gulf borrowers this week announced plans for roadshows ahead of potential dollar deals in the format.
