DUBAI, Oct 17 (Reuters) - Kuwait’s Warba Bank is about to issue up to $250 million of Islamic bonds to boost its Tier 1 capital, sources close to the situation said on Monday.
The Kuwaiti bank is completing pre-placement of the planned issuance and the sukuk are expected to hit the market very soon, one of the sources said. In pre-placement, issuers sound out buyers’ interest in a bond issue.
Warba did not respond to a request for comment. The Kuwaiti lender’s board agreed in July this year to issue sukuk worth up to $250 million to support Tier 1 capital, according to a statement by the bank.
The bank is an Islamic lender established in 2010. It is mostly active in Kuwait but also participates in international loans. (Editing by Andrew Torchia and Louise Heavens)