Kuwait's Burgan Bank said on Thursday it had completed a 100 million dinar ($356 million) bond sale, the largest local currency bond issue ever conducted by a company in the country, and would use the funds to strengthen its capital base after buying Eurobank's Turkish arm Tekfen.
The bond issue was "nearly four times oversubscribed", Salah al-Fulaij, chief executive of NBK Capital, told a news conference. His company was joint lead manager for the sale along with KAMCO, a unit of Kuwait Projects Co (KIPCO) .
"Since the onset of the global economic crisis, Kuwait's bond market has been starved of quality bond offerings, so it is crucial that local banks help to stimulate supply," Burgan's chairman Majed al-Ajeel said in a statement.
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