Kuwait’s Equate Petrochemical Company sold on Wednesday USD700 million in seven-year bonds after receiving over USD 3.6 billion in orders for the debt sale, a document showed.
The bonds were launched at 140 basis points (bps) over U.S. Treasuries, tightened from initial guidance of around 170 bps over Treasuries, the document from one of the banks on the deal showed.
Citi (C.N), JPMorgan (JPM.N), MUFG (8306.T) and NBK Capital (NBKK.KW) led the deal. BNP Paribas (BNPP.PA), HSBC (HSBA.L), Mizuho (8411.T), SMBC Nikko (8316.T) and Standard Chartered (STAN.L) were also on the deal.
The Muslim holy fasting month of Ramadan often sees fewer bond sales from the Gulf, but Equate’s follows another of the region’s corporates, Abu Dhabi National Energy Company (TAQA) (TAQA.AD), selling USD 1.5 billion in dual-tranche bonds on Tuesday.