ASAR Al Ruwayeh & Partners Acts as Kuwait Legal Counsel to the Joint Lead Managers in National Bank of Kuwaits Tier 2 Subordinated Bond Issuance
Al Ruwayeh & Partners (ASAR), Kuwait's leading and most prominent business law firm, and one of the area's leading tier firms, acted as Kuwait legal counsel to the Joint Lead Managers in National Bank of Kuwait's (NBK) KD125 million Tier 2 Subordinated, Basel III compliant bonds issuance which was completed on 18 November 2015. Of note, the bond issuance is the first investment grade-rated (Baa1 by Moody's) Basel III-compliant, subordinated tier 2 bond issuance in the MENA region.
Discussing the bond issuance, Mr. Rob Little, Counsel at ASAR stated: "We are really pleased to have actually belonged to this transaction. This bond issuance represents the very first Moody's investment grade-rated (Baa1) Basel III certified, subordinated tier 2 bond issuance in the MENA area, and is a credit to NBK's underlying credit strength.". Mr. Ibrahim Sattout, Partner at ASAR stated: "The Basel III certified bonds have actually seen a strong need in the Kuwaiti and MENA markets, which is a reflection of NBK's proactive management and strength of its capital base. Our company's knowledge in the location of capital markets transactions shows our leading position and ability to help our clients in the financial industry so that they might fulfill their corporate and general company strategic objectives.".
Mr. John Cunha, Partner at ASAR stated: "We are delighted to have actually acted upon behalf of NBK Capital and KAMCO on NBK's most current landmark bond issuance. Following our involvement in NBK's US$ 700 million Additional Tier 1 Capital Securities in April 2015, this deal represents the strength of local and regional monetary capital markets while regulators remain to reveal considerable willingness to support the efforts regional and local financial institutions. The successful conclusion of this deal is the result of the effort of NBK and the Joint Lead Managers, and the appropriate regulatory authorities in Kuwait.".
With devoted offices in Kuwait and Bahrain coupled with its associated offices and relationships, ASAR supplies clients throughout an extensive variety of market sectors with thorough legal guidance and assistance for their company activities in Kuwait, across the GCC and beyond.
The firm has been regularly rated as the leading business and industrial law practice in Kuwait by credible legal guides such as the Chambers Global Guide, International Financial Law Review (IFLR) and the Legal 500. In 2015, ASAR was granted with the IFLR National Law Firm of the Year Award; an award which ASAR has actually been delighted to receive for the 7th consecutive year. The company likewise won the "Best Restructuring Deal in the Middle East" award by IFLR in 2014. Further, the firm won the distinguished "2014 Commercial Litigation Law Firm of the Year" and the "2014 Best Banking and Finance Legal Team-- Kuwait" awards from Acquisition International Magazine in 2014. ASAR lawyers have also received multiple awards under various categories in the Fourth Edition of 'Best Lawyers' in Kuwait.
