By Ahmed Awad
Kuwait-Mubasher: Gulf Bank of Kuwait (GBK) has picked KAMCO Investment and Kuwait Financial Center (Markaz) as advisors for its bond issue worth KWD 100 million ($330 million), sources told Mubasher.
GBK said on Tuesday that it obtained the approval of the local central bank to issue Tier 2 capital instrument under Basel III rules.
The issue aims to boost the capital adequacy ratio (CAR).
"The bonds will have yields of nearly 6%", the sources said.
They added that the bank is awaiting the approval of Capital Market Authority (CMA) to start showcasing its bonds.
The lender posted KWD 39 million in 2015 earnings, compared with KWD 35.46 million a year earlier.
Translated by Abdul Maguid Aboshahla
