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National Bank of Kuwait (NBK) has opened books for a benchmark US$300 million subordinated Tier 2 bond, with initial price thoughts (IPTs) set around 190 basis points over US Treasuries.
Citi is acting as sole global coordinator, lead manager and bookrunner for the transaction.
The 10.25-year non-call 5.25-year notes are being issued under Regulation S format and are expected to price later on Monday.
The offering is rated A- by Fitch, while the issuer holds long-term ratings of A1 (stable) from Moody’s, A (stable) from S&P, and A+ (stable) from Fitch.
The notes will be listed on the London Stock Exchange’s International Securities Market and cleared through Euroclear and Clearstream.
(Writing by Brinda Darasha; editing by Seban Scaria)
