The National Bank of Kuwait issues securities with a value not exceeding $ 300 million

The National Bank of Kuwait decided to issue supporting securities within the second tranche of the bank's capital with a value not exceeding $ 300 million, indicating that this issue will enhance capital adequacy rates.

The bank said in a statement to the Kuwaiti Stock Exchange, today, Tuesday, that these securities will be issued by a special purpose company established in the Dubai International Financial Center (NBK). Ter 2 Limited).

The bank indicated that the final interest rate for the aforementioned issue will depend on global market conditions.

According to the statement, the place of issue is the United Arab Emirates, the Dubai International Financial Center, while the listing body is the Irish Stock Exchange.

The global coordinator and issue manager will be Citigroup Global Markets Limited and NBK Capital, noting that the issuance rating of Moody's is Baa1.

The bank’s profits fell by 44.2% during the first nine months of this year, to reach 168.676 million dinars, compared to profits of 302.168 million dinars for the same period in 2019.