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.
Guarantor:	National Bank of Kuwait SAKP
Issue:	Resetting subordinated tier 2 notes
Amount:	$300 million
Maturity:	Nov. 24, 2030
Bookrunners:	Citigroup Global Markets Ltd. and Watani Investment Co. KSCC
Coupon:	2˝%, with a rate reset on Nov. 24, 2025 to relevant five-year Treasury plus a margin of 210.8 basis points
Price:	Par
Call option:	At par on Nov, 24, 2025 or on any interest payment date thereafter
Pricing date:	Nov. 23
Settlement date:	Nov. 24
Ratings:	Moody’s: A1
	S&P: A
	Fitch: AA-
Distribution:	Regulation S

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