Mubasher: Kuwait International Bank (KIB), through its investment arm KIB Invest, served as joint lead manager (JLM) in the issuance of a seven-year for Bahrain via CBB International Sukuk Programme Company W.L.L.
The USD-denominated senior unsecured Sukuk was rated B+ (stable) by both Fitch and S&P, with the issuance attracting remarkable market interest, according to a press release.
Structured under Ijara and Murabaha principles, the offering raised $1.25 billion and attracted $3.50 billion in orders, marking an oversubscription of 2.8 times. It was priced at a competitive fixed coupon rate of 5.87% and listed on the London Stock Exchange.
The Sukuk issuance witnessed the participation of joint lead managers, including Dubai Islamic Bank (DIB), First Abu Dhabi Bank (FAB), J.P. Morgan, Mashreq, National Bank of Bahrain, and Standard Chartered Bank.
Raed Jawad Bukhamseen, Vice Chairman and CEO of KIB, commented: “Shariah-compliant banking and investments offer solutions to the modern market’s most pressing sustainability concerns regarding the industry’s impact on the local and global communities.”
“That is why more and more stakeholders worldwide are turning their attention to the investment opportunities that Islamic banking offers,” the CEO elaborated.
Jamal Hamad Al Barrak, CEO of KIB Invest, highlighted that this marks the first sovereign issuance in which KIB Invest has served as a JLM, reflecting its commitment to delivering Shariah-compliant investment products and services through a varied range of investment solutions tailored to meet clients’ evolving needs.
