Burgan Bank disclosed yesterday that it has received the CBK’s final approval to issue up to USD500mn in Perpetual Tier 1 Capital securities. This will be used to managed the bank’s capital and long-term liquidity in accordance with regulatory requirements. Burgan Bank will also invite holders of the existing USD500mn Perpetual Tier 1 Capital securities issued by Burgan to tender such existing capital securities for purchase by Burgan Bank for cash subject to the successful settlement of the issue of the new capital securities. The purchase price is set to be at 100.85%. The aggregate principle amount to be purchased will not  exceed the new issue proceeds. The valid tender must be made before 1 July, and settlement is expected to be 9 July.