|16 July, 2019

Kuwait central bank sells $791mln bonds; oversubscribed 11 times

The bonds carry a maturity period of three months

Image used for illustrative purpose. Panoramic view of Kuwait City at dusk.

Image used for illustrative purpose. Panoramic view of Kuwait City at dusk.

Getty Images/Emad Aljumah

Kuwait - The Central Bank of Kuwait (CBK) has issued bonds and related tawarruq worth KWD 240 million ($791 million), with a 3% rate of return, on Tuesday.

This bonds issue was oversubscribed 10.89 times, noting that the overall subscription demand recorded KWD 2.61 billion, according to the statement published on the CBK’s website.

The bonds carry a maturity period of three months, due on 15 October 2019.

It is worth noting that the CBK’s last bonds issue was on 9 July at a total value of KWD 240 million, due in six months, and with a 3.125% return. The bonds and related Tawarruq are local bonds issued by the CBK to the banks working in Kuwait to regulate liquidity in a way to withdraw liquidity surplus from the market.

Source: Mubasher

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