The National Bank of Kuwait (NBK), the Gulf country’s largest bank by total assets, has issued a mandate for a fixed rate resettable non-call 6-year USD benchmark Rule 144A/Reg S Perpetual Tier 1 capital issuance, subject to market conditions.

The Kuwaiti lender rated A1 / A / A+ (all stable, by Moody’s / S&P / Fitch), has mandated 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.

The issuance is expected to be rated Baa3 by Moody’s and will be listed on London Stock Exchange’s International Securities Market.

Proceeds will be used to support its Tier 1 Capital and for its general corporate purposes, which may include funding any purchase of the $750 million Perpetual Tier 1 Capital Securities issued by NBK Tier 1 Financing and pursuant to the tender offer for such securities announced on 30 June 2025.

Citi, HSBC, JP Morgan, and Standard Chartered Bank are appointed as the dealer managers. The expiration deadline for the tender is 8 July, 2025.

(Writing by Bindu Rai, editing by Seban Scaria)

bindu.rai@lseg.com