March 13, 2017 / 3:09 PM / 8 months ago

Kuwait sets spread for US$6-8bn bond deal

LONDON, March 13 (IFR) - Kuwait is expected to raise US$6-8bn through a dual tranche offering of five and 10-year notes, according to a lead.

Overall demand for the deal is about US$29bn, including lead interest.

The sovereign has also announced a final spread of 75bp over Treasuries for the March 2022 bond and plus 100bp for the March 2027 note.

The final spreads compare with guidance of plus 85bp area and 110bp area respectively. Initial price thoughts were plus 100bp area and plus 120bp area.

The 144A/Reg S deal is today’s business. Citigroup, HSBC and JP Morgan are the global coordinators.

Kuwait is rated AA/AA (S&P/Fitch). (Reporting by Robert Hogg; editing by Sudip Roy)

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