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Kuwait: Equate debuts with $500m bond

The Equate joint venture – 42.5% held by each of state-owned Petrochemical Industries Company and US giant Dow Chemical, with the local Boubyan (9%) and Qurain (6%) – has raised $500m from a debut sukuk. The first Sharia-compliant bond issue to be approved by the Capital Market Authority under new legislation was seven times over- subscribed with an order book of $3.7bn. The seven-year issue matures in February 2024. Global co-ordinators were Citigroup, JPMorgan, HSBC, NBK Capital and KFH Capital. More borrowing is expected as Equate rolls out its development programme.

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