#Kuwait's Boubyan Bank issues first public #sukuk

Kuwait's Boubyan Bank issued $250 million Perpetual Tier 1 Capital Certificates, completed May 16, the first public sukuk from a Kuwaiti bank, the first public sukuk out of Kuwait since 2007 and the world’s first public fully Basel III-compliant Tier 1 sukuk. The certificates were made available on the Irish Stock Exchange and NASDAQ Dubai. The issuance was advised by Dentons. Joint coordinators included Standard Chartered, HSBC and Boubyan, Emirates NBD Capital, Dubai Islamic Bank, KFH Capital and National Bank of Kuwait. Co-managers of the transaction were Abu Dhabi Islamic Bank, Ajman Bank and Noor Bank.