Chicago, March 4 – National Bank of Kuwait SAKP sold $700 million perpetual tier 1 capital securities (Baa3), according to a prospectus.
The notes have an initial coupon rate of 3 5/8% and the notes were sold at par.
The notes will reset every six years at the six-year Treasury rate plus 287.5 basis points. The notes are callable on the first reset date and every reset date thereafter.
The notes will be issued through NBK Tier 1 Ltd.
Citigroup Global Markets Ltd., HSBC Bank plc, J.P. Morgan Securities plc, Standard Chartered Bank, UBS AG London Branch and Watani Investment Company KSCC were global coordinators, joint bookrunners and joint lead managers for the Regulation S and Rule 144A offering.
The notes will be listed on the Irish Stock Exchange.
The bank is based in Kuwait City.
| Issuer: | NBK Tier 1 Ltd.
|
| Guarantor: | National Bank of Kuwait SAKP
|
| Issue: | Tier 1 capital securities
|
| Amount: | $700 million
|
| Maturity: | Perpetual
|
| Bookrunners: | Citigroup Global Markets Ltd., HSBC Bank plc, J.P. Morgan Securities plc, Standard Chartered Bank, UBS AG London Branch and Watani Investment Company KSCC
|
| Coupon: | 3 5/8% initial rate; resets Feb. 24, 2027 and every six years thereafter at six-year Treasury plus 287.5 bps
|
| Price: | Par
|
| Call: | Callable in whole on first reset date and on subsequent reset dates
|
| Pricing date: | Feb. 23
|
| Settlement date: | Feb. 24
|
| Ratings: | Moody’s: Baa3
|
| Distribution: | Rule 144A and Regulation S
|
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