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Kuwait's Ahli United Bank sells $600 million Islamic bond

06/09/2021 | 09:31am EDT

DUBAI, June 9 (Reuters) - Kuwait's Ahli United Bank has sold $600 million in Additional Tier 1 Islamic bonds at 3.875%, a document showed on Wednesday.

Pricing on the bond tightened from an initial price guidance of around 4.375% after the debt sale attracted more than $1.7 billion in orders, the document from one of banks on the deal showed.

Additional Tier 1 (AT1) bonds are designed to be perpetual in nature, but issuers can redeem or "call" them after a specified period. Ahli United Bank's AT1 sukuk will be non-callable for 5-1/2 years.

Kuwait's Ahli United, nearly three-quarters owned by Bahrain's Ahli United Bank, hired Citi, HSBC , Standard Chartered, Abu Dhabi Islamic Bank , Kamco Invest, KFH Capital and Kuwait International Bank to arrange the deal. (Reporting by Yousef Saba; editing by Jason Neely and Jane Merriman)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ABU DHABI ISLAMIC BANK PJSC -0.54% 5.57 End-of-day quote.18.51%
AHLI UNITED BANK B.S.C. 0.00% 0.82 End-of-day quote.13.29%
AHLI UNITED BANK K.S.C.P. 0.00% 0.301 End-of-day quote.14.57%
HSBC HOLDINGS PLC 0.59% 400.4 Delayed Quote.5.07%
KAMCO INVESTMENT COMPANY K.S.C.P. 2.59% 0.119 End-of-day quote.61.03%
KUWAIT FINANCE HOUSE K.S.C.P. -0.64% 0.781 End-of-day quote.26.90%
KUWAIT INTERNATIONAL BANK K.S.C.P. 0.00% 0.224 End-of-day quote.7.69%
STANDARD CHARTERED PLC 0.91% 445 Delayed Quote.-5.34%
UNITED BANK LIMITED 1.01% 126.49 End-of-day quote.0.50%
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