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The National Bank of Kuwait (NBK) has issued IPTs in the 6.875% area for its 144A Reg S US dollar benchmark non-call 6-year AT1 bond offering.
The bank is rated A1 (stable) by Moody’s / A (stable) by S&P / A+ (stable) by Fitch, with the issuance expected to be rated Baa3 by Moody’s.
The bond will be priced later on Tuesday, July 2, with an issue date of July 10.
The issuance will have a fixed rate, payable semi-annually.
Banks mandated include Citi, HSBC, JP Morgan, and Standard Chartered Bank as Joint Global Coordinators, along with ADCB, Emirates NBD Capital, First Abu Dhabi Bank, Kamco Invest and National Bank of Kuwait as Joint Lead Managers and Joint Bookrunners.
(Writing by Bindu Rai, editing by Seban Scaria)
