Kuwait Projects Company (Kipco) staged the first drawdown of its planned $2,000 million euro medium-term note (EMTN) programme in early April, the first rated corporate EMTN issuance from the GCC. The five-year, $225 million dollar-denominated paper was priced at 95 basis points (bp) and carried a coupon of 90 bp.
Subscription broke down about 29 per cent from Europe, 18 per cent from Asia, 47 per cent from the Middle East and 6 per cent from elsewhere. BNP Paribas, Dresdner Kleinwort Wasserstein and HSBC acted as joint lead managers and bookrunners. The funds raised will be used partly to refinance existing debt.
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