Published on 12/4/2020 in the Prospect News Emerging Markets Daily.
New Issue: National Bank of Kuwait prices $300 million 2˝% subordinated tier 2 notes due 2030
By Cady Vishniac
Detroit, Dec. 4 – National Bank of Kuwait SAKP has issued $300 million 2˝% resetting subordinated tier 2 notes due Nov. 24, 2030 through subsidiary NBK Tier 2 Ltd., according to a prospectus release.
Interest on the notes will reset on Nov. 24, 2025. The notes pay semiannually on Nov. 24 and May 24. The notes may be redeemed at par on Nov, 24, 2025 or on any interest payment date thereafter.
Citigroup Global Markets Ltd. and Watani Investment Co. KSCC acted as global coordinators and joint lead managers on the Regulation S issue.
The notes have been listed with Euronext Dublin.
Issuer: | NBK Tier 2 Ltd.
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Guarantor: | National Bank of Kuwait SAKP
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Issue: | Resetting subordinated tier 2 notes
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Amount: | $300 million
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Maturity: | Nov. 24, 2030
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Bookrunners: | Citigroup Global Markets Ltd. and Watani Investment Co. KSCC
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Coupon: | 2˝%, with a rate reset on Nov. 24, 2025 to relevant five-year Treasury plus a margin of 210.8 basis points
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Price: | Par
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Call option: | At par on Nov, 24, 2025 or on any interest payment date thereafter
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Pricing date: | Nov. 23
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Settlement date: | Nov. 24
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Ratings: | Moody’s: A1
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| S&P: A
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| Fitch: AA-
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Distribution: | Regulation S
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