NBK considering issuance of USD perpetual Additional Tier 1 securities

Press release

Published March 25th, 2015 - 10:19 GMT

Al Bawaba

National Bank of Kuwait S.A.K.P (NBK), the largest bank in Kuwait (rated Aa3 by Moody’s, A+ by S&P and AA- by Fitch), is considering issuing a USD benchmark perpetual Additional Tier 1 Regulation S securities, subject to market conditions.

The transaction would be used to boost NBK’s capital as per Basel III requirements and the directives of the Central Bank of Kuwait. The securities, which would be guaranteed by NBK, are expected to be rated Baa3 by Moody’s, reflecting NBK’s high credit standing.

NBK has mandated HSBC and Standard Chartered Bank as Joint Global Coordinators, and Citigroup, HSBC, NBAD, NBK Capital and Standard Chartered Bank as Joint Lead Managers to arrange on its behalf a series of fixed income investor meetings in Asia, the Middle East and Europe, commencing on 26 March 2015.

NBK is the largest financial institution in Kuwait with effective market dominance in the commercial banking market. It enjoys a broad banking presence with an international network of worldwide branches in four continents. NBK’s international presence spans many of the world’s leading financial centers including London, Paris, Geneva, New York and Singapore, as well as China (Shanghai). Meanwhile, regional coverage extends to Saudi Arabia, Bahrain, UAE, Lebanon, Jordan, Iraq, Egypt, and Turkey.

ICMA / FCA Stabilisation applies.

Background Information

National Bank of Kuwait

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