New Issue: Warba Bank prices $250 million 6˝% perpetual Islamic bonds at par

By Christine Van Dusen

Atlanta, March 8 – Kuwait’s Warba Bank priced $250 million perpetual Islamic bonds at par to yield 6˝%, or mid-swaps plus 437.4 basis points, on Wednesday, a market source said.

The notes were talked at 6˝% to 6 5/8%.

Ajman Bank, Bank ABC, Emirates NBD, Standard Chartered, Abu Dhabi Islamic Bank, Kamco Investment Co., Kuwait Finance House, Noor Bank and Warba Bank were the bookrunners for the Regulation S deal.

The proceeds will be used to increase the lender’s capital reserves.

Issuer:	Warba Bank
Amount:	$250 million
Maturity:	Perpetual
Description:	Islamic bonds
Bookrunners:	Ajman Bank, Bank ABC, Emirates NBD, Standard Chartered, Abu Dhabi Islamic Bank, Kamco Investment Co., Kuwait Finance House, Noor Bank, Warba Bank
Coupon:	6˝%
Price:	Par
Yield:	6˝%
Spread:	Mid-swaps plus 437.4 bps
Trade date:	March 8
Settlement date:	March 14
Distribution:	Regulation S
Price talk:	6˝% to 6 5/8%

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