Warba Bank in talks for Tier 1 perpetual sukuk issuance
Warba Bank mandated a consortium of banks to arrange fixed-income investor meetings in Asia, Middle East and Europe. Meetings are expected to start on March 2. The bank aims to issue a USD-denominated RegS registered unrated additional Tier 1 Perpetual sukuk offering, subject to market conditions. Warba Bank had received regulatory approval to issue USD250mn sukuk. The bank is rated Baa2 by Moody’s and A+ by Fitch (both stable) and is 32% owned by Kuwait Investment Authority (KIA) and Public Institution for Social Security. (Bloomberg)
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