DUBAI Oct 17 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
(Editing by Andrew Torchia and Louise Heavens)