By Rebecca Melvin
New York, June 10 – Kuwait International Bank issued $300 million additional tier 1 capital certificates with an initial distribution rate of 5 5/8% on Monday.
KIB Tier 1 Sukuk Ltd. was issuer of the perpetual securities, which are callable after five-years on June 10, 2024 and every five years following.
After five years, the distribution rate will be reset at a relevant five-year reset rate plus 360 basis points per year.
Citigroup, Dubai Islamic Bank PJSC, First Abu Dhabi Bank, Kamco Investment Bank, KFH Capital and Standard Chartered Bank were joint lead managers of the Regulation S deal.
Bouyan Bank acted as co-manager.
The lender is based in Kuwait City, Kuwait.
Issuer: | KIB Tier 1 Sukuk Ltd.
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Guarantor: | Kuwait International Bank
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Amount: | $300 million
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Maturity: | Perpetual
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Bookrunners: | Citigroup, Dubai Islamic Bank PJSC, First Abu Dhabi Bank, Kamco Investment Bank, KFH Capital and Standard Chartered Bank
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Co-manager: | Bouyan Bank
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Distribution rate: | 5 5/8% for five years
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Reset rate: | Relevant five-year reset rate plus 360 bps per year
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Calls: | June 10, 2024 and every five years following
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Issue date: | June 10
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Distribution: | Regulation S
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