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Kuwait: Gulf Insurance Group receives approval for private bond placement prospectus

Source: Middle East Insurance Review | Dec 2021

The Gulf Insurance Group (gig) has received the approval of the Capital Markets Authority (CMA) for its prospectus related to the issuance of bonds with a value not exceeding KWD60m ($199m) in a private placement, the company said in a statement with Boursa Kuwait.
 
According to the statement, the bonds are perpetual subordinated tier 2 fixed and floating rate reset bonds. They are callable after five years. The fixed-rate tranche will pay an interest rate of 4.5% per annum, payable semi-annually in arrears. The floating-rate tranche pays 2.5 percentage points over the Central Bank of Kuwait’s discount rate per annum, also payable semi-annually in 
arrears. The floating rate shall not exceed the fixed interest rate plus 1%.
 
gig said that the proceeds of the bond issue will be used to strengthen the company’s capital position and general corporate purposes.
 
The Insurance Regulatory Unit, which oversees Kuwait’s insurance market, gave its approval for the bond issue on 12 August 2021, following the green light granted by the CMA on 13 July 2021. M 
 
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