September 16, 2021 banking
Kuwait's Burgan Bank gets approval to issue up to $500mln unsecured bonds
Kuwait's Burgan Bank, a subsidiary of Kuwait Projects Company Holding KSC, said it has received approval from the Central Bank of Kuwait to issue up to $500 million (or its equivalent in other currencies) senior unsecured bond under its Euro Medium Term Note program.
In a statement on the Kuwait stock exchange on Wednesday, the bank said bonds will have either a five-year tenor and a fixed coupon, or a six-year tenor with option to redeem after five years where they will have a fixed coupon rate for the first five years of their tenor and a floating rate for their final year to maturity.
The proceeds from the bond issuance will help it reinforce its long-term liquidity and regulatory liquidity ratios, Burgan Bank added.
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