Burgan Bank issues $329.38mln bonds in Kuwaits market

Mubasher: Burgan Bank has announced the successful private placement issuance of KWD 100 million bonds ($329.38 million) in the local market.

Oversubscribed, the bonds’ tenor is three years, while their fixed interest rate equal 4.125% per annum, according to a bank statement.

“We are pleased with the trust and confidence placed in us by the investors in our bonds. This issuance is testament to Burgan’s commitment to support the continued development of the local debt capital market,” Burgan Bank’s chairman Majed Essa Al-Ajeel commented.

“This transaction demonstrates Burgan’s on-going strategy to diversify the Bank’s sources of funds, support the Bank’s balance sheet with secure long term funding, and meet regulatory liquidity requirements, which include the NSFR (Net Stable Funding Ratio),” Burgan Bank’s CEO-Kuwait Raed Al-Haqhaq said.

NBK Capital and KAMCO Investment Company acted as Joint Lead Managers and Placement Agents on the transaction. International Counsel Bureau and ASAR – Al Ruwayeh & Partners acted as the legal advisors to the Bank and the Joint Lead Managers, respectively, on the transaction.