Mubasher: The National Bank of Kuwait (NBK) has issued perpetual securities worth $750 million with a 4.5% yield as a part of the first tranche of the bank’s capital raise.
The subscription percentage and offering size will be disclosed upon the completion of settlement procedures, according to a bourse statement on Sunday.
Carried out by NBK Tier 1 Financing Limited, the issue will take place at the Dubai International Financial Center (DIFC) while will be listed on the Irish Stock Exchange (ISE).
The issue’s global coordinators are JPMorgan Chase, Citigroup Global Markets Limited, Standard Chartered Bank, and NBK Capital.
In addition, the issue will boost NBK’s capital adequacy ratios, contribute to the bank’s growth process on the medium term in addition to providing long-term fund resources and enhancing liquidity ratios.
It is worthy to note that during the first nine months of 2019, the bank’s profit rose by 10.9% at KWD 302.17 million from KWD 272.4 million a year earlier.
