Kuwait
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Equate Petrochemical Company, a US and Kuwaiti joint venture, has picked banks for its debut bond issue and, despite heavy supply from Middle East borrowers, bankers have no doubt demand for the deal will be strong. -
Ahli United Bank Kuwait has opened books on a perpetual dollar sukuk after wrapping up investor meetings on Monday, books were oversubscribed and were due to close on Tuesday, according to leads.
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Ahli United Bank’s Kuwait arm will be looking to issue a tier one dollar sukuk after wrapping up investor meetings on Monday, according to bankers involved in the process.
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Burgan Bank opened the senior dollar market for Kuwaiti lenders on Wednesday with a well received $500m five year bond.
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Burgan Bank set price guidance for its dollar market debut on Wednesday morning after amassing more than $1bn of orders.
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Gulf supply remained the dominant theme in CEEMEA bonds again this week as markets reopened in buoyant mood after Monday’s US holiday.
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Kuwait's Burgan Bank emerged with initial price thoughts for an inaugural senior dollar deal on Tuesday morning.
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Bond supply from the Gulf Co-operation Council (GCC) region could resume as early as Tuesday as bankers reported positive feedback from two sets of investor meetings.
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Kuwait's Burgan Bank will re-engage with investors this week after first setting up an EMTN programme for a senior dollar bond in July.
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With the Republic of Macedonia on the road for the first euro-denominated bond from an emerging market issuer since Brexit and EM credit continuing to rally, bankers are expecting a strong few weeks pre-summer.
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Kuwait has joined the roster of Gulf Co-operation Council (GCC) sovereigns looking for international financing to help plug increasing fiscal deficits, but while DCM bankers are in no doubt an issue would be met with strong demand, the sovereign has plenty of work to do before coming to market.
