The Commercial Bank of Kuwait has successfully issued the first tranche of bonds at a value of KD 50 million (USD 153 million), as part of Tier 2 capital of maximum KD 100 million (some USD 306 million).
The bank said in a statement posted on website of Boursa Kuwait, on Wednesday, that the number of issued bonds reached 1,000 with a nominal value of KD 50,000 (some USD 153,000) per bond.
The rate of the bonds issuance in the first tranche amounted to 100 percent of the nominal value, with a 10 year maturity due on December 26, 2023.
As to the financial impact of the measure, the statement indicated that it would increase the bank capital and boost its solvency.
The Commercial Bank of Kuwait, established in 1960, was listed in the bourse in 1984, with a capital amounting to KD 250 million (USD 762 million).
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