The National Bank of Kuwait launched $700 million Additional Tier 1 bonds on Thursday at 3.625%, a document showed.
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It had given initial price guidance of about 4% for the bonds, which are non-callable for six years.
AT1 bonds, the riskiest debt instruments banks can issue, are designed to be perpetual in nature, but lenders can call them after a specified period.
Citi, HSBC, JPMorgan, NBK Capital, Standard Chartered and UBS arranged the deal.
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