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United Gulf Bank Hires Standard Chartered to Sell Bond

Nov. 3 (Bloomberg) -- United Gulf Bank BSC hired Standard Chartered Bank Plc as the lead arranger for a possible bond sale, according to the chief financial officer of Kuwait Projects Co., which controls the Bahrain-based firm.

Kuwait Projects, Kuwait’s biggest privately-owned investment company known as Kipco, is also considering a domestic bond issue of about 40 million dinars ($143 million) to refinance maturing debt, Pinak Maitra said at a conference in Dubai today. Kipco’s 40 million-dinar nine-year bond matures Nov. 5, according to data compiled by Bloomberg.

“Our intention is to pay off this bond as it matures, ," Maitra said. "Investors are approaching us. We are considering all options."

Bond sales in the six-member Gulf Cooperation Council rose to $9.7 billion in the third quarter from $5.4 billion in the previous quarter, as investor confidence improved with progress on state-owned Dubai World’s restructuring deal. Kipco sold $500 million of 10-year debt, in July.

Kipco holds 91 percent of United Gulf Bank, according to Bloomberg data.

To contact the reporter on this story: Haris Anwar in Dubai at hanwar2@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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