Published: February 3, 2014
Kuwaiti company issues first MENA bond of 2014.
The Kuwaiti Projects Company (KIPCO) has successfully priced a US$500mn, five-year international bond. It is the first from the Middle East region in 2014.
The deal was six times oversubscribed, attracting 250 investors from mainland Europe (41%), the Middle East (19%), the UK (15%), Asia (14%) and offshore US (11%). Fund managers accounted for 58% of the allocation, banks 33% and others 9%.
BNP Paribas, HSBC and JP Morgan acted as joint bookrunners on the offering.