KuwaitPR.com, Online Press Release from Kuwait
 
Banking & Insurance(Banking & Investments)
Filter PR by
  
Burgan Bank Successfully Issues KWD 100 Million Bonds in the Local Market
Burgan Bank Successfully Issues KWD 100 Million Bonds in the Local Market

Kuwait – 29 December, 2018:    Burgan Bank, the second largest local conventional bank by assets size in Kuwait, announced today the successful private placement issuance of KD 100 million bonds in the local market. The bonds have a three-years tenor, and carry a fixed interest rate of 4.125% per annum. 

This transaction, which represents the first of its type to be undertaken by a Kuwaiti bank in the local market, was oversubscribed, being well-received by both institutional investors and high net worth individuals alike. 

Mr. Majed Essa Al-Ajeel, the Chairman of Burgan Bank commented: “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.”

“We would like to extend our sincere gratitude to the country’s regulators for their diligence and professionalism throughout the transaction process” added Mr. Al-Ajeel.

The Chief Executive Officer- Kuwait of Burgan Bank, Mr. Raed Al-Haqhaq, commented: 'we are very pleased to close this inaugural benchmark transaction. The support provided by our transaction’s advisors was indispensable to the success of this initiative.”

“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). This type of bond creates a new asset class for banks in the local market.”  added Mr. Al-Haqhaq. 

Issuance proceeds will be used for general corporate purposes. Burgan Bank has affirmed credit ratings of A+ by Fitch, A3 by Moody’s, and BBB+ by S&P underlying the credit strength of the Bank. 

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.  

 

Posted by : Kuwait PR Network Editorial Team
Viewed 1998 times
PR Category : Banking & Investments
Posted on : Saturday, December 29, 2018  4:26:00 PM UAE local time (GMT+4)
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories

 
 
Most Viewed Press Release posted in the last 7 days
Invictus & Olympéa Chapter 2: Enter the Legend [16970-Views]
Juliette has a gun's New Vanilla Vibes Perfume, a hymn to Adventure and Freedom, now in the UAE [15457-Views]
Boss Bottled Oud Aromatic and Saffron: the New Enticing Fragrances [15117-Views]
Make Up for Ever Kicks-off Helwet Ramadan – Season 3 [13194-Views]
This Festive Season, it's all about gifting and loving [12222-Views]
Cerruti 1881 launches a splendid new collection for the festive season [11915-Views]
Police Is the Official Eyewear in the Sony Pictures Film “Men in Blacktm: International” [11894-Views]
Chloé Launches The New Spring/summer 2019 Advertising Campaign Featuring Two Iconic “rosie” Style Su... [10738-Views]
A Re-branded Global Innovations is thrilled to announce the launch of a new product at the upcoming ... [10578-Views]
New Pampers Pure Protection Diapers contains Premium cotton and plant-based materials to give your ... [10061-Views]
Turkish Airlines records impressive Q1 passenger growth in the Middle East [9942-Views]
As if Made from One Piece: GROHE Offers Individual System Solutions for the Entire Work Area Around ... [8553-Views]
Michael Kors Co-hosts the 10th Anniversary of the Annual Filmmakers Dinner [8372-Views]
Amazing Day 3 for Global Innovations at ATM 2019 [7757-Views]
Michael Kors Celebrates Old Bond Street Townhouse With a Series of Events [7466-Views]
Successful Day 1 For Global Innovations At ATM 2019. [7298-Views]
Second Day of Global Innovations Attracts Innumerable Travel Enthusiasts from Different Regions at A... [6941-Views]
Celebrities in Michael Kors Collection at the 2019 MET Gala [6884-Views]
Saint Honore [6876-Views]
Chloé Launches The New Cloud-shaped “rosie” Sunglasses [6720-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories