We are proud to have acted as Kuwait law counsel to Kuwait International Bank K.S.C.P. (KIB) in relation to its issuance of US$300,000,000 Additional Tier 1 Capital Certificates (Sukuk) by KIB Tier 1 Sukuk 2 Ltd. KIB successfully priced the Sukuk offering at an annual profit rate of 6.625%, and was twice oversubscribed. As was also noted by KIB, the final pricing represents the tightest spread ever achieved on an AT1 Sukuk globally with 195 bps spread over US Treasuries. This issuance of perpetual Non-Call 5.5 years Sukuk, is based on a “Mudarabah” structure and complied with the Islamic Sharia’a principles.

ASAR’s team advising KIB was comprised of, Rob Little, John Cunha (Partner), Emile Helou (Senior Associate) and Mustafa Sayed (Associate).

The Joint Lead Managers on this successful issuance were: Abu Dhabi Islamic Bank PJSC, Al Dawli Invest Investment Company K.S.C.C., Bank of Sharjah P.J.S.C., Citigroup Global Markets Limited, Dubai Islamic Bank PJSC, Emirates NBD Bank P.J.S.C., First Abu Dhabi Bank PJSC, Kamco Investment Company K.S.C.P., Mashreqbank psc (acting through its Islamic Banking Division), SMBC Nikko Capital Markets Limited, and Standard Chartered Bank.

Congratulations to all involved on the successful closing of this Issuance!

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