The offering is the first local currency transaction out of Kuwait this year and consisted of two tranches of four-year paper. 

The fixed-rate piece, which made up 60.625 percent of the issue, priced at 4.75 percent, while the floating-rate portion priced at 200 basis points over the Central Bank of Kuwait's discount rate. 

Government funds, banks, corporates and high net-worth individuals were among the investor types who brought into the deal, which was completed after a roadshow process lasting two weeks, the source added. 

KIPCO Asset Management, a unit of KIPCO, and NBK Capital were lead managers on the issue. 

A source said in July that KIPCO was looking to issue a dinar-denominated bond, subject to regulatory approval - while a statement from the Capital Standards rating agency said the firm was looking to issue paper with a 3-7 year maturity worth up to 80 million dinars.

Last month, Commercial Facilities Company, a consumer credit firm, priced a 50 million dinar four-year amortizing floating rate bond priced at par at a spread of 140 basis points over the CBK's discount rate.