Commercial Bank of Kuwait cancels $413m bond issue

Dubai: Commercial Bank of Kuwait (CBK) has cancelled the sale of a 120 million dinar ($413 million; Dh1.5 billion) bond which would have boosted its capital reserves, the bank said in a statement on Tuesday.

The bank, Kuwait’s fifth-largest by assets, said that despite attracting sufficient attention for the transaction from investors, it had been cancelled due to “legislative and technical issues”. It did not elaborate on what these were.

CBK announced last month it planned to sell the bond which would enhance the bank’s Tier-2 or supplementary capital.