New Issue: Warba Bank sells $500 million five-year Islamic bonds at mid-swaps plus 135 bps

By Rebecca Melvin

New York, Sept. 17 – Kuwait’s Warba Bank priced a benchmark $500 million five-year Islamic note (expected rating: //A+) at par to yield 2.982%, or mid-swaps plus 135 basis points, on Tuesday, according to a market source.

Abu Dhabi Islamic Bank, Bank ABC, BNP Paribas, Islamic Bank, Emirates NBD Capital, NBK Capital, QNB Capital and Standard Chartered Bank were joint lead managers and bookrunners of the Regulation S deal.

The commercial bank is based in Kuwait.

Issuer:	Warba Sukuk Ltd.
Obligor:	Warba Bank KSCP
Amount:	$500 million
Maturity:	Sept. 24, 2024
Description:	Islamic bonds
Bookrunners:	Abu Dhabi Islamic Bank, Bank ABC, BNP Paribas, Islamic Bank, Emirates NBD Capital, NBK Capital, QNB Capital and Standard Chartered Bank
Distribution rate:	2.982%
Price:	Par
Yield:	2.982%
Spread:	Mid-swaps plus 135 bps
Trade date:	Sept. 17
Settlement date:	Sept. 24
Rating:	Fitch: A+
Distribution:	Regulation S

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