Mubasher: KAMCO Investment Company has issued KWD 40 million five-year bonds with KAMCO and Gulf Bank as joint lead managers and arrangers for the debt securities issuance.

The issuance saw an oversubscription that was covered in three days, the shortest subscription period for a KWD denominated bond ever, the company said in a statement on Saturday.

The decision to shorten the subscription period to three days was driven by the commitment to enhance the local market standards to be more in line with international best practices where subscription periods can be 24 hours or less, the statement indicated.

The bond is comprised of two tranches, fixed interest bonds with an interest rate of 6% paid quarterly in arrears, and floating interest bonds with an interest rate set at the discount rate declared by the Central Bank of Kuwait (CBK) plus 2.75% paid quarterly in arrears, capped at 7% per annum.