Kuwait Projects Company (Kipco) has mandated BNP Paribas, Dresdner Kleinwort Wasserstein and HSBC as joint arrangers of a $2,000 million euro medium-term note (EMTN) programme.The three banks will also be joint lead managers and bookrunners on the first drawdown under the programme. Kipco has already staged non-deal roadshows in Europe and Asia, and the paper is expected to come to market relatively soon, possibly in the second half of March. The notes will be the first of their kind issued by a non-bank institution in the GCC. Fitch in late February assigned a BBB+ rating to the $1,000 million EMTN programme planned by Bank of Bahrain & Kuwait and being arranged by Citigroup and HSBC. Other banks planning issuance include Ahli United Bank, Arab National Bank, Commercial Bank of Qatar, Riyad Bank and Samba Financial Group (MEED 2:12:05).