Business

ASAR - Al Ruwayeh & Partners (ASAR), Kuwait's leading and most popular company law office, and among the region's top tier law firms, is pleased to have functioned as Kuwait legislation advise to Citigroup Global Markets Limited, First Abu Dhabi Bank PJSC, HSBC Bank plc, J.P. Morgan Securities plc, Standard Chartered Bank, and Watani Investment Co. K.S.C.C. (that collectively worked as suppliers and joint lead managers), on the establishment of a US$ 3 billion Global Medium Term Note ( GMTN) program (the Program) by NBK SPC Ltd and its inaugural Guideline 144A/Regulation S international financial obligation funding markets issuance thereunder. The Program is unconditionally ensured by National Bank of Kuwait S.A.K.P. (NBK).

The inaugural offering comprised US$ 750 million 2.75% notes due 2022, issued on 30 Might 2017 and confessed to trading on the Irish Stock market. The offering comprised the first bonds to be supplied and marketed to certified institutional purchasers in the United States of The U.S.A. in dependence on Policy 144A and Law S from a GCC institution. The offering of the notes was well obtained and brought in considerable demand from global investors, with the global order book closing at US$ 2.2 billion resulting in an oversubscription rate of about 2.9 times. UNITED STATE based invested dominated the subscription with a 57% share of the notes issuance, followed by financiers in the MENA region (26%), the EU financiers (13%) and Oriental financiers (4%).

Mr. Rob Little - Counsel at ASAR noted that: "We are thrilled to have been involved in the establishment of NBK's GMTN Program and its inaugural issuance thereunder. We have a lengthy and established background of serving as Kuwait law advise in excellent quality financial debt resources market transactions, and this transaction issuance yet once more no exemption."

Mr. Ibrahim Sattout - Partner at ASAR kept in mind that: "The successful final thought of this transaction is the outcome of the effort of all parties associated with this landmark deal for NBK, and is a testament to our firm's capacity as a leading expert in providing lawful advise in the financial obligation funding markets area"

Also talking about the deal, Mr. John Cunha - Partner at ASAR noted that: "This has actually been a site purchase for NBK and we are specifically delighted to see that it was so well obtained by global investors. We are very satisfied with the success of NBK's launching issuance under its GMTN programme; it is a testimony to the efficient and effort of all parties involved in the transaction ASAR has a long established background of acting upon precedent setup note issuance purchases and this existing transaction is no exception"

With dedicated offices in Kuwait and Bahrain coupled with its connected offices and partnerships, ASAR gives clients across a comprehensive variety of industry sectors with bespoke, functional lawful advice and support for their business tasks in Kuwait, Bahrain, throughout the GCC and beyond.

The firm has actually been constantly ranked as the leading corporate and industrial law firm in Kuwait by trustworthy legal guides such as the International Financial Law Review(IFLR), Chambers Global Guide, and the Legal 500. In 2016, ASAR was granted with the IFLR National Law office of the Year Award; an award which ASAR has actually been thrilled to get for the 8th consecutive year.

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