Kuwait Projects Co (KIPCO), the Gulf state’s largest listed investment company, has no imminent plans to issue US dollar-denominated bonds but will keep monitoring the market closely, said a company executive.

KIPCO last week updated its bond programme, under which it may issue bonds worth up to $3 billion.

HSBC has been hired as arranger and dealer for the programme, with other dealers including Emirates NBD Capital, First Abu Dhabi Bank, JPMorgan, KAMCO Investment Company and MUFG.

“We are not looking at an imminent bond issue,” Anuj Rohtagi, director, group financial control at KIPCO told Reuters in an email. “We will keep monitoring the market closely,” he added.

KIPCO, rated BBB- (minus) by S&P and Baa3 by Moody’s, had total assets of $34.2 billion as of the end of last year. Its portfolio includes commercial banking, asset management, investment banking and real estate operations.

It has three international bonds outstanding, each amounting to $500 million and maturing in 2020, 2023 and 2027.

Meanwhile, Kuwait International Bank, is planning to issue US dollar denominated debt soon, having received approval earlier this month from Kuwait’s Capital Markets Authority to issue perpetual Tier 1 capital sukuk, or Islamic bonds, of up to $300 million.

Perpetual bonds mimic some of the characteristics of equity because they lack a maturity date.