Kuwait International Bank KIBK.KW has hired banks to arrange investor calls starting on Wednesday for the planned issuance of Tier 2 U.S. dollar-denominated 10-year sukuk that are non-callable for five years, a document showed on Wednesday.

KIB hired Citi, Standard Chartered, Boubyan Bank, Emirates NBD Capital, First Abu Dhabi Bank, Kamco Invest and KFH Capital, the document from one of the banks on the deal said. The sukuk issuance will follow subject to market conditions.

It is noteworthy to mention that in the first half (H1) of 2020, the bank’s net profits plunged by 98.9% to KWD 103,250, compared to KWD 9.61 million in the same period of 2019.

Source Zawya