09 December, 2015

NBK Capital and KAMCO acted as Joint Lead Managers for NBK's KWD 125 million Subordinated Tier 2 Basel III - Compliant Bond Issue

NBK Capital, KAMCO lead managers for NBK's KWD 125 million subordinated Tier 2, Basel III -compliant bonds.

Mr. Faisal Sarkhou, Chief Executive Officer of KAMCO

Mr. Faisal Sarkhou, Chief Executive Officer of KAMCO

  • The first investment grade rated (Baa1 by Moody's) Subordinated Tier 2 issuance in the MENA region
  • Al Hamad: This landmark transaction represents the largest private sector, corporate bond issuance in the history of Kuwait
  • Sarkhou: This bond issuance enhances the local bond market and an active step towards augmenting the Kuwaiti economy

Kuwait City, December 9, 2015 

Watani Investment Company K.S.C.C. ("NBK Capital) and KAMCO Investment Company K.S.C.P. ("KAMCO") acted as Joint Lead Managers for the National Bank of Kuwait S.A.K.P.'s ("NBK") KWD 125 million, 10NC5, Subordinated Tier 2, Basel III - Compliant Bonds.

NBK Capital and KAMCO's joint press release revealed the first investment grade rated (Baa1 by Moody's) Subordinated Tier 2, Basel III - compliant bond issuance in the MENA region, highlighting the underlying credit strength of NBK. This landmark transaction represents the largest private sector, corporate bond issuance in the history of Kuwait.

The transaction was well received by institutional and high net worth investors, with an oversubscription rate of two times. The issuance proceeds will be used to boost NBK's Tier 2 capital, as it has been approved as fully eligible Tier 2 capital by the Central Bank of Kuwait under its Basel III framework, and for general corporate purposes.

Mr. Faisal Al-Hamad, Chief Executive Officer of NBK Capital said, "We were proud to act as a Joint Lead Manager on a landmark transaction, which represents the largest private sector, corporate bond issuance in the history of Kuwait, and puts NBK at the forefront of further developing the Kuwait and MENA capital markets."

Mr. Faisal Sarkhou, Chief Executive Officer of KAMCO said, "We have always been proactive in taking constructive steps towards enhancing the private sector and in turn transforming the Kuwaiti economy. Therefore, we are pleased to have played an active role in successfully completing a landmark transaction of this scope. At KAMCO, we are always on the lookout for opportunities to attract local and regional investors, which is why we consider this bond issuance a breakthrough in enhancing and supporting the local bond market."

To conclude, NBK Capital and KAMCO extend their gratitude to NBK, the Central Bank of Kuwait, the Capital Markets Authority, and Al-Ruwayeh & Partners (ASAR), the mandated Local Legal Counsel, for their commitment and joint collective efforts in supporting financial institutions, in addition to investors' support, the driving force behind the success of this transaction.


About NBK Capital 
NBK Capital, a leading investment management firm in the region, sets the standard in growth-focused innovative financial products and services. A world-class investment house, NBK Capital's customer-centric approach provides forward-thinking solutions that address the specific investment needs of clients and investors, institutional customers and high-net-worth individuals.

NBK Capital that leverages local and regional experience and expertise by combining the strengths, resources and global network of the National Bank of Kuwait, one of the largest and oldest financial institutions in the country, with best-in-class investment structuring and execution, on a broad array of financial strategies to consistently deliver integrated value-added solutions.

Innovative products, objective research, creative thinking, timely implementation and excellence in service are the standards of quality of NBK Capital

Operating regionally from Kuwait, Dubai and Cairo, and with over 170 investment professionals, NBK Capital prides itself on a reach and scale that is global, a presence that is regional and a service level that always remains personal.

For further information, please contact:
NBK Capital Corporate Communications Department
: +965 2259 5335

KAMCO Investment Company is a premier investment company based in Kuwait and is regulated by the Capital Markets Authority with one of the largest private sector AUMs in the region.

Established in 1998 and listed on the Kuwait Stock Exchange (KSE) in 2003, KAMCO is a subsidiary of United Gulf Bank (UGB) and is the asset management and investment banking arm of Kuwait Projects Holding Company (KIPCO).

It has become a leading regional company within its sector offering innovative products and services to its clients, holding over USD 11 billion of client AUM and has successfully completed over 82-investment banking transactions worth over USD 12 billion as of 30 September 2015.

With almost two decades of experience in conducting business in Kuwait's dynamic investment industry, KAMCO has successfully established a robust reputation for solidity, characterized by its prudent, conservative investment philosophy and spirit of transparency, which has consistently commanded the goodwill of a wide patron-base.

The company will further aggressively build upon its core competencies to offer MENA-wide investment management consultancy and services, backed by its proven track record in stringent risk mitigation, investment product innovation, and a cautious investment approach towards local, regional and international capital markets.

For further information, please contact:
KAMCO Marketing Department
Tel: +965 185 26 26 Ext: 1337

© Press Release 2015

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