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 - 02/02/2014
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% to 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 offering


 


Arab Times




  MENA News Headlines
 Feb 1 2015 - Saudi- Africa agrees to send 7500 troops to fight Boko HaramArab News
(MENAFN - Arab News) ADDIS ABABA: African leaders have agreed to send 7500 troops to fight the Boko Haram insurgency in northeast Nigeria an African Union official said Saturday.The move came after ...

 Feb 1 2015 - Islamic State says it has beheaded Japanese hostageArab News
(MENAFN - Arab News) BEIRUT/TOKYO: Islamic State militants said on Saturday they had killed Japanese hostage Kenji Goto after the apparent failure of sustained international efforts to secure his ...

 Feb 1 2015 - Bahrain strips 72 of citizenshipArab News
(MENAFN - Arab News) MANAMA: The Bahraini government has revoked the nationality of 72 citizens for damaging national security the state news agency BNA reported on Saturday.A list published on the ...

 Feb 1 2015 - 15 missing as IS seizes Iraq oil facilityArab News
(MENAFN - Arab News) KIRKUK: Islamic State insurgents on Saturday seized a small crude oil station near the northern Iraqi city Kirkuk where 15 employees were working and explosions in and around the ...

 Feb 1 2015 - Saudi- L'Azurde receives OHSAS 18001 certificationArab News
(MENAFN - Arab News) L'Azurde a major gold and diamond company has been certified by the British Standards Institution (BSI) in Occupational Health and Safety (OHSAS 18001:2007). The certification ...

 Feb 1 2015 - Riyadh municipality plans to overhaul city marketsArab News
(MENAFN - Arab News) The Riyadh municipality has announced a plan to overhaul markets in the central business district and other areas to create more jobs attract investors and boost commerce.The ...

 Feb 1 2015 - Saudi- Public Security SASO in quality control tie-upArab News
(MENAFN - Arab News) The General Directorate of Public Security and Saudi Standards and the Metrology and Quality Organization (SASO) have signed a agreement to activate strong cooperation between ...

 Feb 1 2015 - Saudi- Kin suspect foul play in disabled man's deathArab News
(MENAFN - Arab News) Scratches and strangulation marks on the neck of a disabled inmate in the comprehensive rehabilitation center in Taif led his parents to doubt the circumstances leading to his ...

 Feb 1 2015 - Saudi- Stationery stores clear old stocks with discountsArab News
(MENAFN - Arab News) Stationery stores are tempting parents and children with discounts on old or expired items and offering promotions on school-based products in an attempt to rid themselves of old ...

 Feb 1 2015 - Student's invention does KSA proudArab News
(MENAFN - Arab News) Maha Al-Otaibi a Saudi student has won accolades for her country by winning second place in the Emirates Award for Arabian Gulf Youth for her waterproof hearing aid project which ...

more...


 






Google

 
 

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

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