ASB Capital, a mission-oriented asset and wealth management company with assets under management (AUM) of $10.2 billion, revealed its selection as joint lead manager and bookrunner for Kuwait International Bank’s (KIB) $500 million five-year senior unsecured sukuk offering.
The deal drew investor requests surpassing $1 billion, which is more than twice the amount being offered. The A-rated sukuk is traded on the International Securities Market of the London Stock Exchange.
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ASB Capital took part in the deal together with a consortium of prominent regional and global financial entities, such as Citi, Standard Chartered Bank, QNB Capital, Emirates NBD Capital, KFH Capital, Boubyan Bank, KIB Invest, Sharjah Islamic Bank, Warba Bank, Bank ABC, and Arab Bank.
The mandate indicates ASB Capital’s second engagement by Kuwait International Bank in under a year, after its involvement in the bank’s $300m tier 2 sukuk in October 2025. This senior unsecured mandate comes after four consecutive GCC AT1 sukuk appointments, highlighting ASB Capital’s proven expertise in senior unsecured, tier 2, and AT1 instruments.
The renewed mandate enhances ASB Capital’s role in Kuwait, where it has been involved in capital markets deals for Kuwait Finance House and Kuwait International Bank. It similarly illustrates the ongoing enhancement of the group's regional investment banking platform, backed by the financial strength and treasury resources of Al Salam Bank.
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Commenting on the transaction, Al Salam Bank chief treasury officer Hussain Abdulhaq says, “The continued confidence shown by leading regional issuers is an important endorsement of the group’s investment banking platform. ASB Capital’s second mandate for Kuwait International Bank demonstrates the breadth of the platform we are building and its ability to support issuers across their capital and funding objectives.”
ASB Capital senior executive officer Hichem Djouhri adds, "We are pleased to support Kuwait International Bank again following our participation in its tier 2 sukuk issuance in 2025".
"The strong investor demand for this transaction reflects sustained appetite for well-positioned GCC financial institutions. This repeat mandate reinforces our focus on disciplined execution, long-term issuer relationships, and connecting regional institutions with a broad international investor base".
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This recent mandate enhances ASB Capital’s expanding history of debt capital markets deals within the GCC, which features issuances from Kuwait Finance House, Kuwait International Bank, Bapco Energies, Solidarity Bahrain, Al Salam Bank, Alinma Bank, Dubai Islamic Bank, Bank AlJazira, Ajman Bank, and Saudi Real Estate Refinance Company. The company continues to grow its investment banking and capital markets operations alongside its wider asset management and advisory services.