Guiding NBK’s KWD 150M Tier 2 Issuance: Structured. Rated. Delivered 

ASAR acted as legal counsel to National Bank of Kuwait S.A.K.P. on the successful issuance of KWD 150 million in resetting subordinated Tier 2 bonds, maturing in 2036. Structured across fixed and floating tranches, the bonds received an A- rating from Fitch – the highest rating achieved by a Tier 2 instrument issued in Kuwait. This transaction also represents one of the largest domestic Tier 2 private placements in the market. 

The issuance included a liability management exercise, enabling holders of NBK’s 2020 Tier 2 bonds to exchange their existing instruments into new ones. Approximately 45% of investor rolled over their current Tier 2 bonds, demonstrating strong ongoing investor confidence in NBK.  

The transaction required careful coordination across Kuwait’s Companies Law, CMA regulations, and CBK capital adequacy requirements, reflecting ASAR’s expertise in delivering market-first, highly complex capital markets solutions. 

ASAR’s team advising NBK comprised Rob Little, John Cunha, Emile Hélou, and Mariam Al Rashed. 

Congratulations to all involved on the successful completion of this landmark Tier 2 Issuance! 

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