Commercial Bank of Kuwait to sell Dh120m bonds

DUBAI: Commercial Bank of Kuwait said on Monday it plans to issue bonds worth Dh120 million to boost its capital reserve.

The transaction will close around the end of October, it said. The bank will issue the subordinated bond to boost its Tier 2 — or supplementary — capital.

Ratings agency Capital Intelligence said it has assigned a provisional rating of ‘BBB-’ to the proposed subordinated bond issue.