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LONDON, May 10 (Reuters) - Kuwait's Boubyan Bank has launched a $250 million capital-boosting sukuk issue that will price later on Tuesday, according to lead managers.
Order books for the deal, which will enhance the bank's Tier 1, or core, capital, reached $1.3 billion.
The sukuk, which is structured with a perpetual tenor and with an option for the bank to redeem the paper after the fifth year, will price at 6.75 percent, in line with revised guidance given on Monday.
The sharia-compliant lender, a subsidiary of National Bank of Kuwait , picked Dubai Islamic Bank, Emirates NBD Capital, HSBC, KFH Capital, National Bank of Kuwait, Standard Chartered and itself to arrange the issue.
(Reporting by Sudip Roy; Writing by David French; Editing by Louise Heavens) ((davidj.french@thomsonreuters.com; +971 4 362 5864; Reuters Messaging: davidj.french.thomsonreuters.com@reuters.net))
Order books for the deal, which will enhance the bank's Tier 1, or core, capital, reached $1.3 billion.
The sukuk, which is structured with a perpetual tenor and with an option for the bank to redeem the paper after the fifth year, will price at 6.75 percent, in line with revised guidance given on Monday.
The sharia-compliant lender, a subsidiary of National Bank of Kuwait , picked Dubai Islamic Bank, Emirates NBD Capital, HSBC, KFH Capital, National Bank of Kuwait, Standard Chartered and itself to arrange the issue.
(Reporting by Sudip Roy; Writing by David French; Editing by Louise Heavens) ((davidj.french@thomsonreuters.com; +971 4 362 5864; Reuters Messaging: davidj.french.thomsonreuters.com@reuters.net))
