Burgan Bank announced that it has obtained the approval of the Capital Markets Authority for the indirect issuance of bonds under the Euro Medium Term Bond Program with a value not exceeding $500 million or its equivalent in other currencies. .
Burgan said in a statement to the Kuwait Stock Exchange, today, Monday, that the issuance will be made by Burgan Senior SBC Limited.
He clarified that the successful implementation of the above-mentioned issuance will allow the bank to enhance its long-term liquidity and supervisory liquidity ratios.
In an independent disclosure to the stock exchange today, Burgan said that the Central Bank of Kuwait agreed to the bank to issue unsecured bonds with priority payment under the umbrella of the medium-term Eurobond program, with a value not exceeding $500 million as well.
The bank indicated that the aforementioned bonds have a maturity of 6 years and are redeemable after 5 years from the date of issue, with fixed interest for the first five years, and variable interest in the sixth year until the date of issue. entitlement.
Burgan stressed that the above-mentioned bonds will also allow the bank to enhance long-term liquidity and supervisory liquidity ratios.
The bank announced late last week that it had obtained the Central Bank's initial approval to issue Burgan unsecured bonds with a priority to repay, with a value not exceeding $500 million or its equivalent in other currencies. Under the medium-term Eurobond programme.
The bank also announced yesterday, Sunday, that it had obtained preliminary approval from the Kuwait Capital Markets Authority to increase the bank's capital through the issuance of new shares.
Burgan's profits were up 6% in the first half of this year; To reach 24.020 million dinars, compared to profits for the same period in 2020, amounting to 22.746 million dinars.
