Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait - 'Deal a testament of our track record of delivering results'   Join our daily free Newsletter

MENAFN - Arab Times - 03/02/2014
No. of Ratings : 0
Add to Mixx!


(MENAFN - Arab Times) the Kuwait Projects Company - has announced the successful pricing of a US 500 million (KD 141 million) five-year bond issue in the international capital market, the first from the MENA region in 2014. The deal had substantial demand at launch and was six times oversubscribed, attracting a total of 250 investors from across the Middle East, Europe and Asia. Strong demand allowed the company to price the deal at the tight end of the pricing range with a fixed coupon of 4.80%. In a volatile market backdrop, KIPCO was able to capitalize on the positive investor feedback and an issuance window of opportunity to swiftly execute an intra-day trade and raise 500 million under its existing EMTN program.



The bonds were widely distributed, with European investors allocated 41% of the issue transaction while Middle East, UK, Asian and US (offshore) investors accounted for 19%, 15%, 14% and 11% respectively. In terms of investor profile, 58% was allocated to fund managers, 33% banks and 9% to others




Commenting on this transaction, Faisal Al Ayyar, KIPCO's Vice Chairman said

"We are delighted that the KIPCO bond was well received by regional and international investors. The overwhelming response is a testament to our track record of delivering results and our financial discipline. Investors were attracted to the quality of KIPCO's operating businesses, their strong market position and future growth prospects." Pinak Maitra, KIPCO's Group Chief Financial Officer added: "Over the years, KIPCO has been a consistent issuer in the international bond market and this deal reflects the positive experience investors had with its previous issues. KIPCO has a high quality and diversified investor base and the bond was priced through its existing yield curve. The bond further diversifies KIPCO's maturity profile and enhances its financial flexibility to execute our strategy." BNP Paribas, HSBC and J.P. Morgan acted as joint bookrunners on the offerin


 


Arab Times




  MENA News Headlines
 Dec 8 2016 - Foreigner ISIS recruiter killed in East of AfghanistanThe Peninsula
(MENAFN - The Peninsula) Kabul: A foreigner militant recruiting for ISIS group was killed during an operation of the Afghan security forces in eastern Nangarhar province. According to the local ...

 Dec 8 2016 - Israeli Forces kill Palestinian in NablusEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Al Quds, 8th December, 2016 (WAM) -- The Palestinian Ministry of Health Thursday announced that Israeli forces have killed a young Palestinian man near ...

 Dec 8 2016 - UAE- ADNOC Distribution opens three new service stations in SharjahEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 8th December, 2016 (WAM) -- ADNOC Distribution has announced the opening of three new service stations in Sharjah, taking the total number of its ...

 Dec 8 2016 - UAE- DEWA launches Excellence Day initiativeEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI, 8th December, 2016 (WAM) -- In compliance with the wise vision of Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin ...

 Dec 8 2016 - UAE- MoF organises Fintech workshopEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 8th December, 2016 (WAM) -- The Ministry of Finance, MoF, in collaboration with the Arab Monetary Fund, AMF, has organised a workshop on the ...

 Dec 8 2016 - Dubai Culture discusses possible cooperation with National Library of KazakhstanEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI, 8th December, 2016 (WAM) -- Opportunities for joint cooperation between Dubai Public Library and the National Library of Kazakhstan were discussed ...

 Dec 8 2016 - UAE Ambassador and Armenian Minister discuss cooperationEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) YEREVAN, Armenia, 8th December, 2016 (WAM) -- Dr. Jassim Mohammed Mubarak Al Qasimi, UAE Ambassador to Armenia, and Hranush Hakobyan, Armenian Minister of ...

 Dec 8 2016 - UAE participates in Bali Democracy ForumEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) BALI, Indonesia, 8th December, 2016 (WAM) -- The United Arab Emirates is participating in the Bali Democracy Forum on the 8th and 9th of December with a ...

 Dec 8 2016 - Emirates Soil Museum opens its doors in DubaiEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI, 8th December, 2016 (WAM) -- The International Centre for Biosaline Agriculture, ICBA, and the Abu Dhabi Fund for Development, ADFD, inaugurated on ...

 Dec 8 2016 - UAE- Hedayah, UNDP co-host 3rd annual international CVE Research Conference in JakartaEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) JAKARTA, 8th December, 2016 (WAM) -- Hedayah, the International Centre of Excellence for Countering Violent Extremism, and United Nations Development ...

more...


 





Google

PayExpo_MENA
 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help