Headline : Despite global market fluctuations sukuk issuance sees exceptional demand

Read more from the original article on here at timeskuwait.com.

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The Wafra International Investment Company has announced its role as co-manager in the issuance of an initial unsecured sukuk for Kuwait Finance House (KFH) valued at one billion dollars. The sukuk has an annual return of 5.011%, payable semi-annually under the sukuk program, and will be listed on the London Stock Exchange.

According to a press statement by Wafra, these sukuk represent the first international issuance from Kuwait for 2024, marking one of the largest unsecured primary sukuk issuances from Kuwait and KFH’s inaugural issuance under the sukuk program established in 2023.

Despite global market fluctuations since the start of the year, the issuance process witnessed exceptional demand from a diverse range of global investors, with total requests reaching approximately $3.45 billion, equivalent to 3.45 times the value of the issue.

Wafra highlighted that the strong demand contributed to pricing the lowest expected profit rate for the sukuk at 5.011%, which is less than the initial price of 135 basis points. The issuance achieved global diversity in participation, with investors from the Middle East, Europe, and Asia, including fund managers, international institutions, and banks.

Read more from the original article on here at timeskuwait.com.

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