Kuwait Projects Company (Kipco) has completed a KD100m ($329m) five-year bond issue. Kipco said in a statement that the issue was 1.35 times oversubscribed, receiving a record number of investors.

The bonds were available in fixed and floating-rate tranches, with the floating tranche attracting the greater percentage of the allocation. The fixed-rate bond pays investors a coupon of 5.5 per cent a year, and the floating-rate bond pays investors a coupon of 2.25 per cent a year over the declared Central Bank of Kuwait discount rate, with a cap of 1 per cent over the fixed-rate coupon.

The bonds were issued at par and will pay coupons semi-annually in arrears.

The joint lead managers on the transaction were Kamco Investment Company and Gulf Bank.