Search KuwaitPR.com

Home >> Banking & Investments

Burgan Bank Successfully Issues KWD 100 Million Bonds in the Local Market

Burgan Bank Successfully Issues KWD 100 Million Bonds in the Local Market

Saturday, December 29, 2018/ Editor -  

Share

Home >> Banking & Investments

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.  

 


Previous in Banking & Investments

Next in Banking & Investments


Home >> Banking & Investments Section

Latest Press Release

212 VIP Extra Limited Edition

Sheikh Abdullah Al Salem Cultural Centre Academy Announces its Senior Citizen Pr ...

Turkish Airlines introduces its new The LEGO® Movie 2 Inflight Safety Video, bef ...

The Fall 2019 Michael Kors Collection Runway Show

Burgan Bank announces names of the daily lucky winners of Yawmi account draw

Turkish Airlines' journey to Istanbul Airport begins with a cinematic short film ...

Burgan Bank Wins Elite J.P. Morgan Quality Recognition Award for 2018

Symphony Style Kuwait, A Radisson Collection Hotel Celebrates Valentine's Day un ...

Kuwait Towers Offers a Flavorful Experience of Authentic Kuwaiti Cuisine at Hori ...

Burgan Bank announces the new winner of the Al Thuraya Salary Account Monthly dr ...

Ralph Lauren offers the spring 2019 collection

Al Hamra Real Estate Co. Organizes “Al Hamra COFE “Festival in Collaboration wit ...

Burgan Bank Concludes its Sponsorship of the Ministry of Electricity and Water T ...

Kuwait to Host 5th Annual Petroleum Economist Energy Strategy Forum

Burgan Bank Sponsors Ahmadi Music Group's Biggest Concert in Kuwait's History

Burgan Bank attends the Institute of Banking Studies (IBS) Annual Graduation Cer ...

Culinary Specialists from Copthorne Kuwait City Hotel win 8 Awards at HORECA Kuw ...

Sheikh Abdullah Al Salem Cultural Centre Academy Launches its ‘School Programme'

Cole Haan Delivers True Performance Footwear With the Release of the Zerøgr ...

Burgan Bank's Cricket Team Wins Prestigious Kuwait Cricket Bank League Champions ...