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KIB named as manager of QIIB’s $300m sukuk issuance

KIB named as manager of QIIB’s $300m sukuk issuance
KIB will manage QIIB’s $300 million sukuk issuance
KIB
KIB
0.72% 281.00 2.00
International Islamic
QIIK
0.75% 9.46 0.07

Mubasher: Kuwait International Bank (KIB) was chosen to manage for Qatar International Islamic Bank’s (QIIB) Sukuk issuance, the first of its kind in Qatar, according to the Kuwaiti lender’s press release.

KIB will manage QIIB’s $300 million additional Tier 1 perptual non-call five-year unrated Sukuk.

The issuance was arranged and provided via a group including Standard Chartered as structuring advisor, QNB Capital and Standard Chartered as joint lead managers and joint bookrunners.

“KIB is resolute on participating in these financial transactions that serve as necessary tools for the region’s continued economic development, underscoring an economy brimming with promising growth opportunities,” the bank’s investment department general manager Jamal al Barrak said.

This came as KIB aims to become a major player in the regional debt capital market, through actively participating in high quality issuances.

The bank took part as a co-manager for Masaraf Al Rayan’s $500 million senior unsecured issuance, which recorded an almost three-fold oversubscription.