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Burgan Bank 10-yr bond price talk at low 8 pct

The size of the issue is still undetermined.

September 21, 2010 10:57 by

Early price guidance on Kuwait-based Burgan Bank’s 10-year lower tier II bond issue is in the low 8 percent range, two market sources said on Tuesday.

Burgan Bank is the commercial banking arm of Kuwait Projects Co (KIPCO), the country’s largest investment company by assets, which priced a $500 million 10-year bond in July at 9.5 percent.

The size of the issue is still undetermined but a senior executive at KIPCO said earlier this week that Burgan Bank is looking to raise at least $300 million.

(Reporting by Rachna Uppal; Editing by Amran Abocar)

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