The Commercial Bank of Kuwait announced the success of issuing the first tranche of its support bond issuance program worth 50 million dinars (about 153 million US dollars), within the second tranche of capital with a value not exceeding 100 million dinars (about 306 million dollars). The bank said in a disclosure published on the Kuwait Stock Exchange website that the number of bonds issued reached 1,000 bonds with a nominal value of 50,000 dinars (about 153,000 dollars) per bond. The issuance price of the first tranche bonds reached 100 percent of their nominal value and a maturity period of 10 years due on September 26. 2033.
Regarding the financial impact of this measure, he stated that it represents an increase in the second tranche of the bank’s supporting capital, which would enhance capital adequacy in accordance with the frameworks issued by (Basel III).
The bank was established in 1960 and was listed on the Kuwait Stock Exchange in 1984. Its authorized capital is 250 million dinars (about 762 million dollars), and its objectives are to carry out all banking activities.)
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