National Bank of Kuwait launches AT1 to lead Gulf FIG rush

AdobeStock_Bank_Kuwait_575x375_16Feb2021
By Mariam Meskin
18 Feb 2021

National Bank of Kuwait, the country's largest lender, was set to raise an additional tier one (AT1) bond on Thursday as FIG issuers across the Gulf take advantage of good credit conditions. More subordinated funding from the region's banks is expected in the coming weeks.

Leads set the yield on the $700m Reg S/144A resettable perpetual non-call six year AT1 at 3.625% on Thursday evening.

Pricing had been tightened from guidance of 3.75%-3.875%, which in turn was tighter than initial price thoughts of 4% area, set in the morning. 

By Thursday evening, books had exceeded ...

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