Kuwaiti "Burgan" issues bonds worth $ 500 million at 2.75% interest

Burgan Bank announced the launch of secondary capital securities within the second tier of capital (new bonds) valued at $ 500 million.

Burgan said in a statement to the Kuwaiti Stock Exchange today, Wednesday, that the new bonds mature after 11 years and are subject to early redemption after 6 years from the date of issuance.

The bank clarified in the statement that the new bonds will carry a fixed interest rate of 2.75%.

and stated that this proposal would help support the long-term capital and liquidity requirements of the bank.

The bank had announced, in late November, that it had submitted an application to the Central Bank of Kuwait; To obtain the latter's approval for Burgan to issue capital securities within the second tier of capital (new bonds).

Burgan's profits fell 56.7% in the third quarter of this year, to reach 9,829 million dinars, compared to the same period last year’s profits of 22.688 million dinars.