national bank of kuwait is expanding into a new investor base for capital instruments issued from the Gulf, bringing the region's first AT1 in the 144A format. NBK, the largest bank by assets in Kuwait, is looking to place a perpetual non-call six US dollar bond. NBK is graded Aa3/A+/AA- and the note itself will be rated investment-grade. Moody's expects to rate the bond Baa3. The lender got the go ahead from the Kuwait's capital markets authority for the offering in May. NBK has issued a capital trade before - in 2015 it priced a Reg S only US$700m perp non-call six AT1. Citigroup,JP Morgan, Standard Chartered and NBK Capital are global coordinators and they are joined as leads and bookrunners by HSBC and UBS.
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