Kuwait – Mubasher: The Commercial Bank of Kuwait (CBK) is taking part in Kuwaiti sovereign bonds with $36 million, local newspaper Al Qabas reported on Monday.

The bank offered to subscribe in the bonds with $300 million, but the bonds' lead arranger said $36 million sufficed.

The amount taken by the arranger comes in line with the Kuwaiti government's vision that local participation should be smaller so as to diversify borrowing sources from abroad, the newspaper added.

A total of 778 global financial institutions applied for the sovereign bond sale, but only 500 institutions, from the US, Europe, the Middle East and GCC, took part in it.

The Kuwaiti government showcased $8 billion in sovereign dollar-denominated bonds divided on two tranches.