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Kuwait’s NBK, KAMCO invited to participate in sovereign bond issue

Kuwait’s NBK, KAMCO invited to participate in sovereign bond issue

Kuwait plans to sell as much as $10bn of US dollar-denominated bonds in international markets

National Bank of Kuwait (NBK), the Gulf Arab state’s largest commercial lender, and investment firm KAMCO said they had been invited by the public debt office at the Kuwaiti ministry of finance to participate in a bond issue by the government.

A request for proposals has been sent to NBK’s subsidiary NBK Capital to help arrange a sovereign U.S. dollar-denominated bond issue, and the deadline to respond is Jan. 5, NBK said in a bourse statement on Tuesday. The request is under study, it added.

Finance Minister Anas al-Saleh said in July that the government planned to sell as much as $10bn of U.S. dollar-denominated conventional and Islamic bonds in international markets to help plug its budget deficit for the current fiscal year, which will end on March 31.

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