Warba Bank issues $250m mudaraba sukuk

Warba Bank issues $250m mudaraba sukuk
The bank collected around $1.3 billion - (Photo Credit: Press Release)
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Kuwait - Mubasher:  Warba Bank announced the successful issuance of their $250 million Mudaraba Sukuk Certificates, according to a joint press release.

The callable $250 million perpetual sukuk was issued at a coupon rate of 6.50% with the first call date set on the 14 March, 2017.

The sukuk issuance was oversubscribed by 5 times, amounting to approximately $1.3 billion.

Warba Bank highlighted that the issuance is compliant with the Tier 1 requirements by the Central Bank of Kuwait (CBK), and conforms to the Basel III guidelines.

The sukuk issuance was well received by local and international investors alike, which is displayed through the diversified geographical coverage with investors out of Kuwait subscribing by 27%, MENA region by 43%, Europe and the United Kingdom by 22%, and Asia by 8%, as per the statement.

Bank ABC, Emirates NBD Capital, KAMCO Investment Company, KFH Capital Investment Company, Noor Bank, and Standard Chartered Bank acted as Joint Lead Managers and Bookrunners for this issuance.

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Source: Mubasher