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UPDATE 1-Kuwait's Ahli United Bank sells $600 million Islamic bond

(Updates with size, launch, profit rate, demand)

DUBAI, June 9 (Reuters) - Kuwait’s Ahli United Bank has sold $600 million in Additional Tier 1 Islamic bonds at 3.875%, a document showed on Wednesday.

Pricing on the bond tightened from an initial price guidance of around 4.375% after the debt sale attracted more than $1.7 billion in orders, the document from one of banks on the deal showed.

Additional Tier 1 (AT1) bonds are designed to be perpetual in nature, but issuers can redeem or “call” them after a specified period. Ahli United Bank’s AT1 sukuk will be non-callable for 5-1/2 years.

Kuwait’s Ahli United, nearly three-quarters owned by Bahrain’s Ahli United Bank, hired Citi, HSBC , Standard Chartered, Abu Dhabi Islamic Bank , Kamco Invest, KFH Capital and Kuwait International Bank to arrange the deal. (Reporting by Yousef Saba; editing by Jason Neely and Jane Merriman)

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