Kuwait Investment Firm KIPCO Plans Up To $500m Bond Sale

Kuwait Projects Co (KIPCO), the Gulf state’s largest investment firm by assets, plans to issue up to $500 million worth of medium-term bonds and hired a group of international banks to help arrange the sale, it said on Wednesday.

A statement to the stock exchange gave no details on the timing of the sale which KIPCO said was part of an overall $2 billion issuance programme.

Reuters reported on Tuesday that KIPCO had chosen three banks to arrange the sale which would start roadshows in Asia, the Middle East and Europe from Jan. 23.

A document from lead managers showed that KIPCO had hired BNP Paribas, HSBC Holdings and J.P. Morgan Chase Inc for the sale, the first international bond offering from a Gulf-based institution in 2014.