NBK SPC Limited’s $3 billion GMTN programme

White & Case LLP has advised Citigroup Global Markets Limited, HSBC Bank plc, J.P. Morgan Securities plc, Watani Investment Co. K.S.C.C., First Abu Dhabi Bank PJSC and Standard Chartered Bank on the establishment of NBK SPC Limited’s US$3 billion GMTN programme, guaranteed by the National Bank of Kuwait S.A.K.P., and the US$750 million issuance of notes under the programme.

The notes, which were issued in a single tranche maturing in 2022, were offered pursuant to Regulation S and Rule 144A at an interest rate of 2.75 percent per annum, and are listed on the Irish Stock Exchange. The transaction marked the debut 144A offering by Kuwait’s largest lender.

“NBK’s debut 144A senior notes offering was met by high demand from global investors, with US-based investors accounting for approximately 57 percent of orders.” said Dubai-based White & Case partner Debashis Dey, who co-led the Firm’s deal team. “This deal marks White & Case’s involvement with the third recent landmark debt capital markets transaction out of Kuwait.”

White & Case has previously advised EQUATE Petrochemical K.S.C.C. and the Kuwait Olefins Company K.S.C.C. on the establishment of their US$4 billion Global Medium Term Notes Programme as well as a US$2 billion Trust Certificate issuance programme, and the subsequent issuance of US$2.25 billion of notes in aggregate under the GMTN programme as well as the issuance of US$500 million of trust certificates under the trust certificate issuance programme. The notes issue marked the debut 144A issuance from the petrochemicals sector in Kuwait.

The White & Case team which advised on the transaction was led by partners Debashis Dey (Picture) (Dubai) and Ian Clark (London) with support from associates James Clarke, Sankalp Labroo and Adam Gao (all Dubai).

 

Involved fees earner: Debashis Dey – White & Case; Ian Clark – White & Case; James Clarke – White & Case; Sankalp Labroo – White & Case; Adam Gao – White & Case;

Law Firms: White & Case;

Clients: Citigroup Global Markets Ltd; Standard Chartered Bank; Hsbc Bank plc; JP Morgan Securities; Watani Investment Co. K.S.C.C.; First Abu Dhabi Bank PJSC;