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Kuwait-listed Warba Bank issues KWD 80mln AT1 Perpetual sukuk

By Zawya

By Staff Writer

The Kuwait-listed Warba Bank, rated A by Fitch and Baa1 by Moody’s (both Stable), has raised 80 million dinars ($257 million) through an Additional Tier 1 perpetual sukuk, with a coupon rate of 5.50%.

Warba Tier 1 Sukuk (4) Limited is the issuer of the Mudarabah offering, with the Kuwaiti lender listed as obliger.

KFH Capital Investment Company, Kuwait Financial Centre and Warba Bank are the mandated joint lead managers and bookrunners on the unrated issuance.

The AT1, which is limited to professional clients only, has a first call date of 27 October 2031.

The issuance comes weeks following a Central Bank approval to issue an AT1 up to KWD 100 million.

Warba Bank is 23.9% owned by the State of Kuwait through the Kuwait Investment Authority and direct government investment according to LSEG data.

(Writing by Bindu Rai, editing by Daniel Luiz)

bindu.rai@lseg.com

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