Meysan acted as Kuwait counsel to Warba Bank K.S.C.P. (“Warba”), in its successful issuance of a US$250 million Perpetual Additional Tier 1 Capital Sukuk through its SPV, Warba Tier 1 Sukuk (3) Limited.
This successful transaction marks the first US Dollar AT1 issuance from Kuwait in 2025, and the first US Dollar AT1 issuance for Warba Bank since 2021.
The proceeds from this issuance will serve to support Warba’s Additional Tier 1 Capital for the purpose of maintaining its capital adequacy and for its general corporate purposes.
The issuance attracted strong demand from investors, with total orders reaching US$ 601.95 million exceeding the issue volume, resulting in an oversubscription of 2.4 times. The Sukuk were admitted to listing and trading on the London Stock Exchange’s International Securities Market and on NASDAQ Dubai.
Emirates NBD Capital and Standard Chartered Bank acted as Joint Global Coordinators, and together with Abu Dhabi Commercial Bank PJSC, Abu Dhabi Islamic Bank, HSBC, J.P. Morgan, Kamco Investment Company, Kuwait Financial Centre (Markaz) and Warba Bank, served as Joint Lead Managers and Bookrunners.
Meysan team advised Warba on all Kuwaiti legal and regulatory aspects of the transaction, including enforceability considerations, and played a key role throughout the process leading to its successful closing. Meysan’s role entailed advising Warba on the required corporate approvals and regulatory compliance, reviewing the prospectus and transaction documents, as well as filing and securing approvals from the Central Bank of Kuwait and the Kuwait Capital Market Authority with respect to the issuance and the onshore marketing within the State of Kuwait.
Meysan team was led by Partner Tarek Yehya, joined by Senior Associate Samar Jrade and Associate Nour Mashmoushi.
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