Kuwait's Burgan Bank, a subsidiary of Kuwait Projects Company Holding KSC, said it has received approval from the Central Bank of Kuwait to issue up to $500 million (or its equivalent in other currencies) senior unsecured bond under its Euro Medium Term Note program.

In a statement on the Kuwait stock exchange on Wednesday, the bank said bonds will have either a five-year tenor and a fixed coupon, or a six-year tenor with option to redeem after five years where they will have a fixed coupon rate for the first five years of their tenor and a floating rate for their final year to maturity.

The proceeds from the bond issuance will help it reinforce its long-term liquidity and regulatory liquidity ratios, Burgan Bank added.

(Writing by Brinda Darasha; editing by Daniel Luiz)

brinda.darasha@refinitiv.com

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.  

© ZAWYA 2021