Dubai—Dentons has advised Kuwait's Warba Bank on its issuance of US$250 million Perpetual Tier 1 Capital Certificates, which completed on 14 March 2017. The transaction represents the bank's inaugural sukuk issuance in the debt capital markets (including its first regulatory capital instrument).

The Capital Certificates were listed on the Irish Stock Exchange and NASDAQ Dubai and were offered to sophisticated investors outside of the United States in reliance on Regulation S under the US Securities Act 1933.

Standard Chartered Bank acted as sole global co-ordinator, together with Bank ABC, Emirates NBD Capital, KAMCO Investment Company K.S.C., KFH Capital and Noor Bank PJSC as joint lead managers on the issuance of the Capital Certificates.

Dentons Capital Markets partner Alex Roussos said, "We are delighted to have assisted Warba Bank in what is a truly momentous transaction for the bank. This has been a remarkable issuance, bearing in mind the bank has been established only very recently, and continues the healthy trend of Kuwaiti banks strengthening their capital base via these Additional Tier 1 instruments."

The Dentons team was led by partner Alex Roussos, with assistance from associate Sana Siddiqui.

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