Kuwait Burgan Bank picks arrangers for KD 100m bond

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DUBAI, Jan 11, (RTRS): Burgan Bank, Kuwait’s third-largest lender by assets, has picked two arrangers for a potential 100 million dinar ($329.4 million) bond, for which marketing to investors could start as soon as this week, sources aware of the matter said.

The Kuwaiti lender is one of a number of Gulf-based banks seeking funds to help ease a squeeze on liquidity caused by lower oil prices.

Burgan has picked NBK Capital and KIPCO Asset Management Co (KAMCO) as the lead managers for the issue, two sources said, speaking on condition of anonymity as the information is not public.

The dinar-denominated bond issue follows a $350 million loan secured by Burgan in December from a number of international banks.

Burgan did not respond to an emailed request for comment.

The bank obtained regulatory approval to issue a bond worth no more than 100 million dinars in December.

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