Akin Advises Kuwait International Bank on $300 Million Tier 2 Sustainable Sukuk Issuance
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(Dubai) – Akin advised Kuwait International Bank K.S.C.P. (“KIB”) on its issuance of $300 million Tier 2 Sustainable Trust Certificates due 2036 (the “Certificates”) under its $1.5 billion Trust Certificate Programme listed on the International Securities Market of the London Stock Exchange.
The Certificates, issued by Cayman special purpose vehicle KIB Sukuk Limited, mark KIB’s second Tier 2 issuance following its debut in 2020. Proceeds from the issuance will be allocated to eligible sustainable projects in line with KIB’s Sustainable Finance Framework.
The transaction garnered strong demand from the global investor community, generating an order book exceeding $2 billion.
This deal further strengthens Akin’s position in the Kuwaiti market and follows the firm’s representation of Warba Bank on its Additional Tier 1 Sukuk issuance earlier this year.
Citi and Standard Chartered Bank acted as Joint Global Coordinators, with Standard Chartered Bank also serving as Sole Sustainability Structurer. Arqaam Capital, ASB Capital, Citi, HSBC Bank plc, Kamco Invest, KFH Capital, KIB Invest and QNB Capital acted as Joint Lead Managers.
The Akin team was led by capital markets partner Rizwan Kanji, with support from counsel Nicola Minervini and associate Sahar Abas.
Akin is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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