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National Bank of Kuwait hires banks for dollar AT1 bonds issuance: Document

The National Bank of Kuwait has hired a group of banks to arrange investor calls before a planned issuance of US dollar-denominated Additional Tier 1 bonds, a document showed on Tuesday.

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NBK hired Citi, HSBC, JPMorgan, NBK Capital, Standard Chartered and UBS to arrange investor calls starting on Tuesday. They will be followed by the issuance – subject to market conditions – of the perpetual bonds, which will be non-callable for six years, the document from one of the banks showed.

NBK is also inviting holders of its outstanding $700 million AT1 bonds to tender the securities for cash, subject to the successful new AT1 transaction and other conditions. The existing notes’ first call date is on April 9, 2021 and the expiration deadline for the tender offer has been set for February 22, 2021, the document showed.

HSBC, JPMorgan, NBK Capital, Standard Chartered and UBS are joint dealer managers for the tender offer.

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