KAMCO and NBK Capital are joint lead managers of Kuwait's largest private sector corporate bond
- Kuwait: Saturday, December 29 - 2012 at 13:31
- PRESS RELEASE
KAMCO and NBK Capital announce the successful completion of a KD100m Lower Tier II (LT2) Subordinated Bond Issue by Burgan Bank, in which they acted as Joint Lead Managers.
This transaction marks the third time that both KAMCO and NBK Capital have worked together in the local debt capital market, having previously cooperated in 2010 on the issuance of bonds by United Real Estate Company of KD40m, and early in 2012 on the issuance of KD80m bond by Kuwait Projects Company (KIPCO).
As Joint Lead Managers, both KAMCO and NBK Capital commented on the issuance, Mr. Salah Y. Al-Fulaij, CEO of NBK Capital stated that,"The issuance is an important one as it signalsa milestone in the development of the local debt capital markets. Investors now have long term local currency securities to consider as part of their investment universe.Furthermore, we are pleased to support Burgan Bank in its expansion initiatives. The success of this transaction could not have happened without the coordinated and efficient effort of the Central Bank of Kuwait and Capital Markets Authority and the continued support of our investor base".
On the same note, Mr. Faisal M. Sarkhou, KAMCO's Acting CEO added, "We are proud to have played a leading role in such a momentous financial milestone, and we expect that this issuance will increase overall confidence in the Kuwaiti economy and investment banking sector. We at KAMCO have a firm interest in the development and support of the local bond market which in turn will be a key element in the development of the Kuwaiti economy and the private sector. Finally I would like to extend my gratitude to all of our subscribers for their help in making the issuance a success, as well to the governmental institutions and all other companies that have provided support to develop the local bond issuance market".
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