National Bank of Kuwait prices $800mln perpetual non-call 6-year bond
The first reset date is July 10, 2031, with a margin of +234.3 basis points.
Books were in excess of $2 billion, excluding JLM interest.
NBK is the guarantor, with a rating of A1 (stable) by Moody's, A (stable) by S&P and A+ (stable) by Fitch. The issuance is expected to be rated Baa3 by Moody's.
Proceeds will be used to support its Tier 1 Capital and for its general corporate purposes.
Banks mandated include Citi, HSBC, JP Morgan, and Standard Chartered Bank as Joint Global Coordinators, along with ADCB, Emirates NBD Capital, First Abu Dhabi Bank, Kamco Invest and National Bank of Kuwait as Joint Lead Managers and Joint Bookrunners.
The issuance will be listed on London Stock Exchange's International Securities Market.
(Writing by Bindu Rai, editing by Seban Scaria)
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