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National Bank Of Kuwait Sets IPTs For Benchmark Dollar Tier 1 Bond

National Bank Of Kuwait Sets IPTs For Benchmark Dollar Tier 1 Bond

The bond will be issued through a special purpose vehicle, NBK Tier I Financing Ltd, and be guaranteed by NBK.

National Bank of Kuwait (NBK), the Gulf state’s largest lender, has set initial price thoughts for a benchmark U.S. dollar perpetual Tier 1 bond issue, which could price as early as Wednesday, a document from lead arrangers showed.

Initial price thoughts were set in the high five per cent area. The bond will be issued through a special purpose vehicle, NBK Tier I Financing Ltd, and be guaranteed by NBK, which is rated A-plus by Standard and Poor’s and Aa3 by Moody’s.

HSBC and Standard Chartered were the joint global coordinators for the investor roadshow, which ended on Tuesday. Citigroup, HSBC, National Bank of Abu Dhabi, NBK Capital and Standard Chartered are joint lead managers.

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