#Kuwait's Ahli United Bank gives initial guidance for AT1 sukuk -document | Reuters

Kuwait's Ahli United Bank gives initial guidance for AT1 sukuk -document | Reuters

Kuwait's Ahli United Bank (BKME.KW) has given initial price guidance of around 4.375% for Additional Tier 1 U.S. dollar-denominated sukuk that will be non-callable for 5-1/2 years, a document showed on Wednesday.

Kuwait's Ahli United, nearly three-quarters owned by Bahrain's Ahli United Bank (AUBB.BH), hired Citi (C.N), HSBC (HSBA.L), Standard Chartered (STAN.L), Abu Dhabi Islamic Bank (ADIB.AD), Kamco Invest (KAMC.KW), KFH Capital (KFH.KW) and Kuwait International Bank (KIBK.KW) to arrange the deal, which is expected to launch later in the day, the document from one of banks on the deal showed.

Additional Tier 1 (AT1) bonds, the riskiest debt instruments banks can issue, are designed to be perpetual in nature, but issuers can call them after a specified period.