Kuwait-Mubasher: NBK Capital, KAMCO Investment, and Gulf Bank of Kuwait acted as joint lead managers for the Burgan Bank’s bonds issuance, according to a recent issued statement.
The bonds issuance, with a rating of BBB by Capital Intelligence, are worth KWD 100 million, 10 years non-callable before 5 years, subordinated Tier 2, Basel III-compliant.
Burgan Bank’s bonds have two tranches; fixed and floating.
“Burgan Bank will use the proceeds from the bond issuance to increase their Tier 2 capital, improving the Bank’s Capital Adequacy Ratio under the Basel III framework and for general corporate purposes,” KAMCO said in a press release.
“We are proud to have played an active role in successfully completing Burgan Bank’s Tier 2 compliant bond issuance. We consider this bond issuance to be yet another breakthrough in improving and supporting the local bond market,” CEO of KAMCO Faisal Sarkhou said.
CEO of Gulf Bank César González-Bueno said “We are very pleased to have been Joint Lead Manager (JLM) in Burgan Bank’s KD100Mn Tier 2 Bond issuance. This opportunity has been a further important step in supporting Kuwait’s bond market, and the team at Gulf Bank has worked closely with KAMCO and NBK Capital to ensure its success.”
CEO of NBK Capital Faisal Al-Hamad noted “Burgan Bank has been an active issuer of fixed income securities both locally and internationally, and we are proud to be part of their success. Local debt capital markets have has grown in sophistication in recent years with more diverse products being offered and well received by investors.”
