ASAR – Al Ruwayeh & Partners Acted as Legal Counsel to the Lead Managers of Burgan Bank’s KD 100 Million Perpetual Tier 2 Basel III Compliant Issuance Bonds
ASAR - Al Ruwayeh & Partners (ASAR), Kuwait's leading and most popular business law firm, and among the area's leading tier companies, worked as Kuwait legal counsel to the Joint Lead Managers associated in Burgan Bank's KD 100 million, 10NC5, Subordinated Tier 2, Basel III-- Compliant Bonds. ASAR's legal counsel was contained to the Joint Lead Managers and Placement Agents particularly KAMCO Investment Company K.S.C. P., Gulf Bank K.S.C.P, and Watani Investment Company K.S.C.C
The bond issuance was comprised of both a fixed and floating rate tranche with the taken care of rate promo code at 6 % and the drifting rate promo code at 6.20 %. The bonds were designated a subordinated unsecured bond score of BBB by Capital Intelligence as at January 2016. The proceeds of the bonds will help to enhance Burgan Bank's Tier II capital and improve its capital adequacy ratio under the Central Bank of Kuwait's Basel III framework, and for basic business functions.
The ASAR group consisted of Rob Little, Ibrahim Sattout, and John Cunha who worked alongside the joint lead managers in relation to the deal. Owing to the significance of the deal, an oversubscription and a strong demand from both regional and global investors was witnessed.
Rob Little, counsel at ASAR stated: "We are delighted to have actually been involved with a successful deal which was finished during some volatility in the worldwide economy. ASAR has a long recognized history of acting upon landmark bond issuances, and this present transaction is no exception.".
From his side, Ibrahim Sattout, partner at ASAR stated: "While global and GCC markets continue to be under pressure, we believe that similar transactions are essential to the total stability of steady financial growth. We acknowledge the tough environment under which banks in general are operating, and therefore we are proud to have successfully represented the joint lead managers in this transaction.".
John Cunha, partner at ASAR commented: "We are delighted to have actually acted on behalf of the joint lead managers on Burgan's most current landmark bond issuance. Following our recent participation in other similar transactions, this deal is a testament to the strength and depth of local and local financial capital markets in difficult times. The effective conclusion of this transaction is the outcome of the effort of the joint lead supervisors, and the pertinent regulatory authorities in Kuwait such as the CBK and the CMA.".
With dedicated workplaces in Kuwait and Bahrain combined with its associated offices and relationships, ASAR offers clients throughout a substantial range of industry sectors with thorough legal recommendations and support for their business activities in Kuwait, throughout the GCC and beyond.
The company has actually been consistently rated as the prominent corporate and business law office 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 been thrilled to get for the 7th consecutive year. The firm 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 attorneys have actually also received several awards under various classifications in the Fourth Edition of 'Best Lawyers' in Kuwait.