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Report: Boubyan Bank issues $250M sukuk, CEO says

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Report: Boubyan Bank issues $250M sukuk, CEO says

National Bankof Kuwait S.A.K.P. unit Boubyan Bank K.S.C.P. issued a $250 million aimed at bolstering thebank's Tier 1 capital, the Kuwait Times reported May 10,citing Boubyan Bank Vice Chairman and CEO Adel Abdul Wahab Jassim Al Majed.

The sukuk, which does not have a maturity date, carries acoupon rate of 6.75%. The issue, priced at 100%, was oversubscribed by more thanfive times the targeted amount, with the order book reaching $1.3 billion, theCEO reportedly said.

Boubyan Bank had picked Dubai Islamic Bank, Emirates NBDCapital, HSBC, KFH Capital, National Bank of Kuwait, Standard Chartered anditself to arrange the deal.