We are proud to have acted as legal counsel to the Lead Manager and Subscription Agent Kuwait Financial Centre (Markaz) in relation to the successful issuance by Commercial Bank of Kuwait (Al-Tijari) of the Second Tranche of Basel III compliant Tier 2 Bonds with value of KWD 50 million and the completion of the KWD 100 million Subordinated Tier 2 Bonds Programme.
After Meysan played a pivotal role in relation to both the establishment of the Programme in July 2023, which marked the first-ever Kuwaiti Dinar denominated Bonds Programme setup in Kuwait, and the issuance of the KWD 50 million First Tranche Bonds thereunder in September 2023, Meysan acted once again as the legal counsel of Markaz in the issuance of the Second Tranche within the Programme.
Meysan provided both Markaz and Al-Tijari with the legal expertise and support throughout the entire process related to the Programme setup and the First and Second Tranches’ issuances, by advising them on corporate and regulatory approval requirements, filing and securing approvals from the Central Bank of Kuwait and Kuwait Capital Market Authority, as well as drafting and negotiating the transaction documents and offering documentation.
The Second Tranche issuance of KWD 50 million Basel III compliant Tier 2 Bonds with a tenure of 10 years callable after 5 years, was successfully completed in record time. Our team worked closely with Markaz and Tijari to secure the relevant regulatory approvals and ensure timely completion of the issuance process.
Meysan’s team was led by Partner Tarek Yehya, joined by Senior Associate Samar Jrade and Associate Nour Mashmoushi.
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