The sharia-compliant lender is a subsidiary of National Bank of Kuwait
Kuwait's Boubyan Bank is aiming to sell $250 million in capital-boosting sukuk after releasing initial pricing thoughts for the issue, a document from lead managers said on Monday.
The deal, structured with a perpetual tenor and with an option for the bank to redeem the paper after the fifth year, is earmarked to price in the very low 7 percent area.
No timeframe for the sale was given in the document. The sukuk will enhance the bank's Tier 1, or core, capital.
The sharia-compliant lender, a subsidiary of National Bank of Kuwait, picked Dubai Islamic Bank, Emirates NBD Capital, HSBC, KFH Capital, National Bank of Kuwait, Standard Chartered and itself to arrange the issue.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.