KAMCO Invest, the regional non-banking financial company, managed 6 debt market issuances with a total value of more than $ 2.6 billion in 2020, marking another record year. These issues include 4 local and 2 regional issues, denominated in Kuwaiti dinars and US dollars, at fixed and variable rates. KAMCO Invest has managed over $ 9.7 billion worth of issues of conventional and Islamic debt to its clients since it began working in debt markets, making it one of the most active debt advisors in the region in issuing bonds and sukuk.
During 2020, KAMCO Invest played the role of Joint Principal Manager for a $ 300 million Sukuk issuance for Bahrain-based GFH Group, $ 500 Million Sukuk for First Abu Dhabi Bank, the largest bank in the United Arab Emirates, and 300 million Sukuk. US dollars for the International Bank of Kuwait, bonds worth 500 million US dollars for Burgan Bank, bonds worth 150 million Kuwaiti dinars for the National Bank of Kuwait, and Sukuk worth 150 million Kuwaiti Dinars for Warba Bank.
The fixed income market in the GCC countries continued to be vibrant during 2020, as total issuances exceeded those of last year, despite the economic slowdown due to business closures and government restrictions due to the Corona pandemic. The increase in issuances was mainly driven by refinancing needs by companies as well as budget requirements by governments. Bonds and sukuk issued by companies in the region increased slightly during the year. The demand for these instruments was high by fixed income investors globally.
Abdullah Al-Sharekh, Head of Markets and Investments Banking, said: “2020 was an interesting year for the financial markets. Despite the unexpected circumstances, the performance of the regional debt market was exceptional, confirming the companies’ interest in financing solutions as well as the interest of local and regional investors in these issues. We have been able to structure and complete issuances for several exporting companies in the Kuwaiti and regional markets while applying our highly responsive and customer-focused approach.
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