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10/10/2017 14:57 AST
Warba Bank, a Kuwaiti sharia-compliant lender, is syndicating a $250 million debt facility, its first in the syndicated loan market, sources familiar with the matter said on Tuesday.
The financing is Warba's latest fund-raising exercise after its issue in March of $250 million of Tier 1 sukuk, as the lender seeks to boost its capital ratios and improve liquidity buffers.
An executive at the bank was not immediately available for comment.
Moody's on Tuesday affirmed Warba Bank's Baa2 rating and maintained its outlook as stable, citing the "very high probability of government support in case of need". The government of Kuwait has 31 percent direct and indirect ownership in the bank, Moody's said.
Warba has participated as a lender in a number of U.S. dollar-denominated, sharia-compliant transactions in the region this year. These included a $25 million contribution as part of a $236 million Islamic loan to Turkey's Ziraat Participation Bank, $50 million to a $400 million sukuk issue for Dubai's Meraas Holding, and $80 million as part of a $300 million Islamic loan for Kuwait's Aviation Lease and Finance Co.
Warba Bank's profits improved in the first half of 2017, with profit attributable to shareholders up to 2.5 million dinars ($8.3 million) from 455,000 dinars a year earlier, as operating revenues climbed to 16.8 million dinars from 10.1 million dinars.
Reuters
17/10/2017
Fitch Ratings has affirmed Warba Bank's (WB) Long-Term Issuer Default Rating (IDR) at 'A+'; the Outlook is Stable. Fitch has also upgraded the bank's Viability Rating (VR) to 'bb-' from 'b+'.
Press Release
10/10/2017
Moody's Investors Service ("Moody's") has today affirmed the long and short term local and foreign currency deposit ratings of Baa2/Prime-2 respectively of Warba Bank K.S.C.P. (Warba). Moody's also a
Press Release
10/08/2017
Kuwait-based Warba Bank has expanded its international real estate investment programme with the acquisition of a multi-family apartment complex in the US for $17.34 million.
The investmen
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