June 17, 2021, 4:38

    Kuwait’s Ahli United Bank tightens guidance on AT1 sukuk -document

    Kuwait’s Ahli United Bank tightens guidance on AT1 sukuk -document

    Kuwait's Ahli United Bank (BKME.KW) tightened price guidance for its Additional Tier 1 U.S. dollar-denominated sukuk to 4%-4.125% from initial guidance of around 4.375%, a document showed on Wednesday.

    Kuwait's Ahli United, nearly three-quarters owned by Bahrain's Ahli United Bank (AUBB.BH), hired Citi (C.N), HSBC (HSBA.L), Standard Chartered (STAN.L), Abu Dhabi Islamic Bank (ADIB.AD), Kamco Invest (KAMC.KW), KFH Capital (KFH.KW) and Kuwait International Bank (KIBK.KW) to arrange the deal.

    It its expected to launch on Wednesday, the document from one of banks showed. The lender drew over $1.6 billion in orders for the sukuk.

    Additional Tier 1 (AT1) bonds, the riskiest debt instruments banks can issue, are designed to be perpetual in nature, but issuers can call them after a specified period. The sukuk will be non-callable for 5-1/2 years.

    Sourse: reuters.com

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