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Tuesday, 24 November 2009 22:56 UAE time

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Kipco says $500m bonds successfully issued

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Tuesday, 06 October 2009
BOND ISSUE: Kuwait-based Kipco receives thumbs up from investors. (Getty Images)
BOND ISSUE: Kuwait-based Kipco receives thumbs up from investors. (Getty Images)

Kuwait Projects Co (Kipco) confirmed on Tuesday its seven-year $500 million benchmark bond was more than six times oversubscribed, receiving orders worth $3.3 billion.

In a statement the company said the bonds carry a fixed rate coupon of 8.875 percent and were priced at a spread of 608 bps over the US dollar mid-swap curve.

Kipco Vice-Chairman Faisal Al-Ayyar said: "This issue will open the door for other institutions in the region and might be a catalyst for regional stock markets."

Money raised by the issue will be used by the real estate to financial services conglomerate to further diversify its operations.

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BNP Paribas, Goldman Sachs and JP Morgan arranged the issue.

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