Burgan Bank said it has successfully closed a KWD100 million (USD334 million) Tier 2 bond issuance. The issuance comprises a KWD30.1 million fixed rate tranche with a coupon of 6.0%, and a KWD69.9 million floating rate tranche with a coupon of 3.95% above the Central Bank of Kuwait (CBK)’s rate. Both tranches will mature in 2026. The issuance, which is fully compliant with the Basel III guidelines by CBK, will further boost Burgan’s capital adequacy ratio by over 2%. KIPCO’s Asset Management Company (Kamco), NBK Capital and Gulf Bank acted as joint lead arrangers for the issuance. Burgan Bank had a capital adequacy ratio of 15.6% as of September 2015, including the impact of the sale of Jordan Kuwait Bank to KIPCO. (Trade Arabia, Bloomberg, Elena Sanchez-Cabezudo)