Kuwait International Bank sells $300m Sukuk

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Dubai

Kuwait International Bank sold $300 million Tier 2 sukuk, or Islamic bonds at 2.375% and received more than $2.4 billion in orders for the Islamic bonds, a document showed.
It had given initial price guidance of around 2.75% earlier on Thursday for the 10-year sukuk that are non-callable for five years, a separate document also from one of the banks arranging the deal showed.
Gulf issuers have turned to international debt markets to plug finances hit by weak oil prices and the Covid-19 pandemic, with 2020 issues leaping past last year’s record to again top $100 billion.
Saudi oil giant Aramco closed a jumbo $8 billion five-part bond sale on Tuesday, which it needs to partly fund an annual $75 billion dividend, most of which goes to the Saudi government.—Agencies

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