#Kuwait's Ahli United Bank hires banks to arrange AT1 dollar sukuk - document | Reuters

Kuwait's Ahli United Bank hires banks to arrange AT1 dollar sukuk - document | Reuters

Kuwait's Ahli United Bank (BKME.KW) has hired banks to arrange the issuance of Additional Tier 1 U.S. dollar-denominated sukuk that will be non-callable for 5-1/2 years, a document seen by Reuters showed on Monday.

Kuwait's Ahli United, nearly three-quarters owned by Bahrain's Ahli United Bank (AUBB.BH), hired Citi (C.N), HSBC (HSBA.L) and Standard Chartered (STAN.L) to lead the deal, according to one of the banks on the deal showed. Abu Dhabi Islamic Bank (ADIB.AD), Kamco Invest (KAMC.KW), KFH Capital (KFH.KW) and Kuwait International Bank (KIBK.KW) will join them to arrange investor calls starting on Monday, which will be followed by an issuance, subject to market conditions.

The lender is also offering to tender existing AT1 certificates for cash, subject to conditions including the issuance of the new AT1 sukuk. The deadline for the offer is June 14.