ZAWYA: Kuwait Finance House prices its $850mln PNC5.5-year AT1 sukuk

About this update from Kuwait Finance House K.s.c.

Staff WriterKuwait Finance House (KFH), rated A2 by Moody’s and A by Fitch, both with a stable outlook, priced its $850 million Reg S perpetual non-call 5.5-year Fixed Rate Resettable AT1 capital sukuk with a 6.25% semi-annual coupon.The price was marginally tightened on the Eurobond offering from initial price thoughts in the 6.625% area.The re-offer price was set at par, with a yield of 6.25%. The spread was set at T+250.2.The final orderbook was in excess of $1.7 billion, excluding JLM interest.KFH Capital was global coordinator on the offering, along with Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Arqaam Capital, ASB Capital, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Kamco Invest, Mashreq and Standard Chartered Bank as joint lead managers and joint bookrunners.The sukuk, a Mudaraba structure, will be listed on the London Stock Exchange’s International Securities Market.(Writing by Bindu Rai, editing by Daniel Luiz)[email protected]: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

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