Middle East Economic Survey

VOL. LII

No 41

12-Oct-2009

KUWAIT

KIPCO Bond More Than Six Times Oversubscribed

Kuwait Projects Company (KIPCO) announced on 6 October that it had successfully completed the issue of a $500mn benchmark bond under its $2bn euro medium term note (EMTN) program. The bonds, with seven-year maturity at 9.125-9.25%, carry a fixed-rate coupon of 8.875% and are priced at a spread of 608 bps over the US dollar mid-swap curve. According to a KIPCO statement, the issue is already...