- Caliber: The standard number of investors reflects the need For greater investment opportunities in dinars
Kuwait Projects (KIPCO) today announced that it has successfully completed the issuance of 100 million dinar bonds for five years, and the IPO was overwritten at 1.35 times and witnesses a record voting participant.
Bonds were issued on two installments, the first with a fixed annual interest rate of 5.5% and the second with a variable annual interest rate of 2.25% above the discount rate of CBK, with a maximum rate not exceeding 1% above the fixed interest rate. The largest share of IPO was the variable interest segment. Bonds were issued at nominal value and interest payable on a semi-annual basis. KAMCO Investments and the Gulf Bank operated as a leading manager.
Regarding the issuance, Faisal Al Ayyar, deputy chairman of KIPCO, said: "The recorded number of investors who have bought bonds reflects the need for investors in KD in a wide range of options, which are not limited to deposits, stocks and real estate.
"This release reaffirms our commitment to the development of the local financial market. We believe that the next step is an active secondary market supported by institutional investors, which will enable investors to buy and sell bonds after issue and increase their liquidity."
Al-Ayyar thanked the Capital Market Administration, bond investors and joint issuers, KAMCO Investments and the Gulf Bank for their support and support.