Kuwait-Mubasher: NBK Capital and KAMCO Investment Company have acted as joint lead managers for the National Bank of Kuwait’s (NBK) KWD 125 million subordinated Tier 2, Basel III - compliant bonds, according to a recent statement.
The bonds will be due in 10 years and are non-refundable in the first five years, added the statement.
In their joint press release, NBK Capital and KAMCO revealed “the first investment grade rated (Baa1 by Moody’s) subordinated Tier 2, Basel III – compliant bond issuance in the MENA region, highlighting the underlying credit strength of NBK.”
“The issuance proceeds will be used to boost NBK’s Tier 2 capital, as it has been approved as fully eligible Tier 2 capital by the Central Bank of Kuwait under its Basel III framework, and for general corporate purposes,” noted NBK Capital.
