By Rebecca Melvin and Cristal Cody
New York, Sept. 10 – National Bank of Kuwait SAKP priced $1 billion of 1 5/8% six-year senior notes with an initial yield of Treasuries plus 95 basis points, a syndicate source said.
The notes priced at 99.518.
Spread talk was in the area of Treasuries plus 115 bps.
The notes are non-callable for five years, and the rate resets at SOFR plus 105 bps.
The notes are being issued by NBK SPC Ltd.
J.P. Morgan Securities plc, Citigroup Global Markets Ltd., Watani Investment Co. KSCC (NBK Capital), Goldman Sachs International, HSBC Bank plc, Merrill Lynch International, MUFG Securities EMEA plc and Standard Chartered Bank are managers for the deal, which will be listed on the Irish Stock Exchange.
The bank is based in Kuwait City.
| Issuer: | NBK SPC Ltd.
|
| Obligor: | National Bank of Kuwait SAKP
|
| Issue: | Senior notes
|
| Amount: | $1 billion
|
| Maturity: | Sept. 15, 2027
|
| Bookrunners: | J.P. Morgan Securities plc, Citigroup Global Markets Ltd., Watani Investment Co. KSCC (NBK Capital), Goldman Sachs International, HSBC Bank plc, Merrill Lynch International, MUFG Securities EMEA plc and Standard Chartered Bank
|
| Coupon: | 1 5/8%
|
| Price: | 99.518
|
| Spread: | Treasuries plus 95 bps
|
| Rate reset: | At SOFR plus 105 bps
|
| Calls: | After five years
|
| Pricing date: | Sept. 9
|
| Settlement date: | Sept. 15
|
| Price talk: | Treasuries plus 115 bps
|
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