ASB Capital Receives New Mandate from International Bank of Kuwait
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 Kuwait International Bank’s new $500 million five-year unsecured senior sukuk issuance. The offering attracted investor subscription requests exceeding $1 billion, more than double the size of the issuance. The sukuk, rated A by credit rating agencies, 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, Bank of Bahrain and Kuwait, KIB Invest, Sharjah Islamic Bank, Warba Bank, ABC Bank, and The Arab Bank.
This appointment marks ASB Capital’s second mandate from Kuwait International Bank in less than twelve months, following its participation in the bank’s $300 million Tier 2 sukuk issuance in October 2025. The mandate for unsecured senior sukuk follows four consecutive mandates for additional 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 mandate strengthens ASB Capital’s presence in Kuwait, where it has participated in capital market transactions for both Kuwait Finance House and Kuwait International Bank. 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 shown by leading regional issuers is a significant affirmation of the strength of the Group’s investment banking platform. ASB Capital’s second mandate from Kuwait International Bank demonstrates the expanding scope 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 Kuwait International Bank 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 GCC financial institutions. This repeated mandate 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 mandate expands ASB Capital’s growing track record in GCC capital market transactions, including issuances for Kuwait Finance House, Kuwait International Bank, Petrofac, Solidarite Bahrain, Al Salam Bank, Al Inma’a Bank, Dubai Islamic Bank, Al Jazira Bank, Ajman Bank, and the Saudi Real Estate Refinancing Company. ASB Capital continues to expand its activities in capital markets and investment banking, alongside its broader asset management and advisory services platform.
