Kuwait-Mubasher: Boubyan Bank has completed the procedures and official approvals to issue and market sukuk worth $250 million, in order to enhance capital baseline, according to an issued statement.

This Tier 1, Basel III-compliant sukuk issuance is the first in Kuwait since 2007, the CEO and deputy chairman Adel Al Majed said, noting that this kind of issuance is considered the first for a local bank.

Boubyan Capital, the investment arm of Boubyan Bank, will operate the issuance process in cooperation with two leading banks; HSBC and Standard Chartered.

The KSE-listed bank chose Boubyan Capital, KFH Capital, NBK, HSBC, Standard Chartered, DIB, and Emirates NBD to be the mandated lead arrangers and bookrunners.