Akin Advised Warba Bank On $250 Million Additional Tier 1 Capital Sukuk Offering
Akin Advised Warba Bank on $250 Million Additional Tier 1 Capital Sukuk Offering
Akin’s Dubai capital markets team has advised Warba Bank K.S.C.P., a leading Islamic financial institution listed on Boursa Kuwait, on its US$250 million perpetual non-call 5.5-year fixed-rate resettable Additional Tier 1 Capital Sukuk offering. The Sukuk were issued by Warba Tier 1 Sukuk (3) Limited and structured under the Mudaraba framework.
The Sukuk are dual listed on the London Stock Exchange’s International Securities Market and NASDAQ Dubai.
The offering follows Warba Bank’s recent acquisition of the shares comprising the capital of Alghanim Trading Company, through which it acquired a 32.75% stake in Gulf Bank K.S.C.P., another Boursa Kuwait-listed bank.
Emirates NBD Capital and Standard Chartered Bank acted as Joint Global Coordinators. They were joined by Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, HSBC, J.P. Morgan, Kamco Invest, Markaz, and Warba Bank as joint lead managers and joint bookrunners.
The Akin team was led by Rizwan Kanji (Partner), with support from Nicola Minervini (Counsel) and Sahar Abas (Associate).
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