Kuwait’s Equate Petrochemical Company is set to issue a benchmark US dollar bond on 27 October, according to Reuters.

The debt will have five and ten-year tranches.

A 30-year tranche is also under consideration after enquiries from investors, Reuters reports.

Price guidance for the five-year bonds is slightly more than 200 basis points over midswaps, with the ten-year bonds closer to 300 basis points.

The lead arrangers include the UK’s HSBC, local National Bank of Kuwait (NBK) Capital, the US’ JPMorgan Chase and Citigroup. The same banks lent Equate $5bn earlier in 2016 to fund the acquisition of MEGlobal for $3.2bn from co-investor, the US’ Dow Chemical.

Additional bookrunners are Banca IMI, Mizuho Securities, MUFG, and SMBC Nikko, according to Reuters.

This is the first in an anticipated flood of bond issuances in the GCC, following strong appetite for Saudi Arabia’s $17.5bn sovereign bond.

Equate is 42.5 per cent owned by Dow and 42.5 per cent by Kuwaiti government-related entity Petrochemical Industries Company. Dow is planning to reduce its stake this year.