We are proud to have acted as Kuwait law counsel to National Bank of Kuwait S.A.K.P. (NBK) in relation to a landmark issuance of green notes by a Kuwait based financial institution. The issuance was comprised of US$500,000,000 Fixed to Floating Rate Green Notes due 6 June 2030 by NBK SPC Limited under its US$5,000,000,000 Global Medium Term Note Programme.

This inaugural issuance not only marks the first Green notes issuance by NBK but is also the first of its kind out of Kuwait; and further highlights NBK commitment to sustainable and transition finance. NBK successfully priced the issuance of the Notes which had a final coupon of 5.500 percent, fixed with semi-annual coupon payments until their first call date, followed by a floating rate of SOFR + 116 bps paid quarterly thereafter. The Notes will be listed on the Irish Stock Exchange (Euronext Dublin).

ASAR’s team advising NBK was comprised of, Rob Little, John Cunha (Partner), Emile Helou (Of Counsel) and Mustafa Sayed (Associate).

The Joint Lead Managers on this successful issuance were: Citigroup Global Markets Limited,  Emirates NBD Bank P.J.S.C., First Abu Dhabi Bank PJSC, Goldman Sachs International, HSBC Bank plc, J.P. Morgan Securities plc, Standard Chartered Bank.

Congratulations to all involved on the successful closing of this landmark issuance!

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