Mubasher: Warba Bank announced the issue of $500 million unsecured sukuk for a specific period of five years.

This issue is the first of its kind to be issued from a Kuwaiti financial entity, and it will be listed on Nasdaq Dubai and the Irish Stock Exchange (ISE), according to a statement to Boursa Kuwait on Wednesday.

This sukuk issue carries a coupon rate of 2.982%. The total orders on this sukuk issue reached $3.16 billion exceeding the issue volume with oversubscription of 6.32 times.

The new issue has reflected the positive response from investors to Warba Bank’s performance.

On 11 September, Kuwait’s Capital Markets Authority (CMA) approved Warba Bank’s prospectus of the new sukuk issue at a value not exceeding $500 million, while the Central Bank of Kuwait’s (CBK) approval was granted in July 2019.