Kuwait City, Kuwait – Kuwait City, Kuwait – Meysan Partners, the Kuwait based corporate law firm, advised on the Boubyan Bank international issuance of the USD 250.000.000 Tier 1 Capital Sukuk which is the first Basel III compliant Sukuk issuance. The issuance will enhance the bank’s capital base in line with Basel III guidelines.
Meysan Partners worked closely with the joint lead managers, Standard Chartered Bank and HSBC and Boubyan Capital Investment Company on the structuring of the issuance, the transaction documents and the management of the regulatory processes. Meysan Partners further represented the obligor, Boubyan Bank, before the Capital Markets Authority in Kuwait to secure the approvals on the issuance and the onshore offering and marketing of the Sukuk in Kuwait.
Meysan Partners would like to congratulate the transaction team, the advisors and Boubyan Bank for successfully closing the issuance locally and internationally with a remarkable oversubscription by more than 5 times the targeted amount, reaching USD 1.3 billion. The firm also would like to thank the Capital Markets Authority on its tremendous effort in this transaction that is a first under the new sukuk regulations issued by the Capital Markets Authority in November 2015.
Meysan Partners team was led by Abdul Aziz Al-Yaqout and Tarek Yehya