Mubasher: Burgan Bank on Monday announced that it has received the approval of the Capital Market Authority (CMA) to issue a KWD 150 million ($495 million) senior unsecured bonds in the local market.

Bonds will be issued with a five-year tenor, the lender said in a statement to Boursa Kuwait.

Issuance proceeds will be used for general corporate purposes, Kuwait’s third-largest bank by assets noted.

The decision takes into consideration that the issuance is subject to the Central Bank of Kuwait’s (CBK) final approval.

By the end of Monday’s session, Burgan Bank’s stock rose 1.1% at 278 fils.