National Industries Group Holding has completed a KD40 million ($129.75 million) bond issue, marking the first Kuwaiti Dinar-denominated bond issuance so far in Kuwait in 2022.
Kuwait Financial Centre (Markaz) and Gulf Bank served as the Joint Lead Managers for the five-year bond issue. The latest bond issuance demonstrates investors’ trust in the quality of the offer and the high creditworthiness of National Industries Group Holding, as well as the effectiveness of distribution by Markaz and Gulf Bank as the lead managers, said a statement.
The National Industries Group Holding bonds were issued in two tranches, the first with a fixed rate at 5.25% per annum, payable on a quarterly basis, and the second tranche with a floating rate at 2.25% above the Central Bank of Kuwait (CBK) Discount Rate, and payable on a quarterly basis.
The new bonds mark the seventh debt issuance by National Industries Group Holding. These bonds, due in 2027, are issued in Kuwaiti Dinars and have a credit rating of (BBB-) from Capital Intelligence. Ahmed Hassan, CEO of National Industries Group Holding, said: “With its seventh bond issuance coming to fruition, National Industries Group Holding has reached a new distinguished milestone.
The offer’s success reinforces our reputation for creditworthiness and dependability as a highly diversified business with robust fundamentals.