We are proud to have acted as Kuwait law counsel to each of KAMCO Invest (as Sole Issuance Coordinator, Joint Lead Manager and Placement Agent) and Gulf Bank (as Joint Lead Manager and Placement Agent) in relation to the successful completion of the issuance by Burgan Bank of KWD150,000,000 Perpetual Additional Tier 1 (AT1) Capital Bonds.

This AT1 issuance constitutes a landmark transaction in Kuwait given that, it is the largest ever Kuwaiti Dinar denominated AT1 bond issuance, and is the first AT1 issuance denominated in Kuwaiti Dinar by a bank.

The AT1 issuance was also attractively priced in that the fixed-rate tranche under the issuance would generate a return of 7.25% per annum for the initial five years, followed by 3% over the prevailing CBK Discount Rate; the floating-rate tranche will generate a return of 3.25% over the CBK Discount Rate per annum and with a cap of 1% over the fixed rate tranche, determined quarterly.

ASAR’s team advising the Joint Lead Managers was comprised of, Rob Little , John Cunha (Partner), Emile Helou (Senior Associate) and Mustafa Sayed (Associate).

Congratulations to all involved on the successful closing of this landmark AT1 Issuance!

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