ASB Capital Awarded New Mandate by International Bank of Kuwait as Joint Lead Manager and Bookrunner for $500 Million Sukuk Issuance
ASB Capital, an asset and wealth management firm with $10.2 billion in assets under management, announced its reappointment as joint lead manager and subscription bookrunner for the new $500 million five-year unsecured senior sukuk issuance by International Bank of Kuwait.
The issuance attracted investor subscription orders exceeding $1 billion, more than double the size of the offering. The sukuk, rated at an A credit rating, were listed on the International Securities Market of the London Stock Exchange.
ASB Capital participated in the issuance as part of a consortium comprising leading regional and international financial institutions, including Citibank, Standard Chartered Bank, QNB Capital, Emirates NBD Capital, KFH Capital, Boubyan Bank, KIB Invest, Sharjah Islamic Bank, Warba Bank, ABC Bank, and The Arab Bank.
This appointment marks the second time ASB Capital has been engaged by International Bank of Kuwait in less than twelve months, following its participation in the bank’s $300 million Tier 2 sukuk issuance in October 2025. The appointment for unsecured senior sukuk follows four consecutive appointments for additional Tier 1 sukuk issuances in Gulf Cooperation Council (GCC) countries, further expanding ASB Capital’s proven capabilities to include unsecured senior instruments, Tier 2 instruments, and additional Tier 1 instruments.
The repeated appointment strengthens ASB Capital’s presence in Kuwait, where it has participated in capital market transactions for both Kuwait Finance House and International Bank of Kuwait. It also reflects the continued growth of the group’s regional investment banking platform, supported by the balance sheet and treasury capabilities of Al Salam Bank.
Commenting on the issuance, Hussein Abdulhaq, Chief Treasury Officer at Al Salam Bank, said: “The continued confidence demonstrated by leading regional issuers is a significant affirmation of the strength of the group’s investment banking platform. The second appointment of ASB Capital by International Bank of Kuwait demonstrates the breadth of the platform we are building and its ability to support issuers in achieving their capital and financing objectives.”
Hisham Johri, Chief Executive Officer of ASB Capital, added: “We are pleased to support International Bank of Kuwait again following our participation in the bank’s Tier 2 sukuk issuance in 2025. The strong investor demand for this transaction reflects the sustained appetite for established financial institutions in the GCC. This repeated appointment also underscores our focus on disciplined execution, building long-term relationships with issuers, and connecting regional institutions with a broad base of international investors.”
This latest appointment expands ASB Capital’s growing track record in GCC capital market transactions, including issuances for Kuwait Finance House, International Bank of Kuwait, Petrofac, Solidarite Bahrain, Al Salam Bank, Alinma Bank, Dubai Islamic Bank, Al Jazira Bank, Ajman Bank, and the Saudi Company for Mortgage Refinancing. ASB Capital continues to expand its activities in capital markets and investment banking, alongside its broader platform in asset management and advisory services.
