July 2, 2019 / 1:54 PM / 19 days ago

UPDATE 1-Kuwait's Burgan Bank sells $500 mln in bonds to boost capital

(Updates size, yield)

DUBAI, July 2 (Reuters) - Kuwait’s Burgan Bank is set to raise $500 million in capital-boosting bonds offering investors a 5.75% yield, a document by one of the banks leading the deal showed on Tuesday.

Burgan Bank, Kuwait’s second largest conventional bank by assets, has hired HSBC and JPMorgan to coordinate the deal, and Bank ABC, Citi, Emirates NBD Capital, First Abu Dhabi Bank, NBK Capital and Standard Chartered Bank as joint lead managers.

The Tier 1 bonds are perpetual, meaning they do not have a maturity.

The transaction - expected to price later on Tuesday - received orders of around $2.2 billion, the document showed. (Reporting by Davide Barbuscia; Editing by Saeed Azhar)

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