Burgan Bank to buy back bonds worth $362.9m

Burgan Bank, Kuwait’s third-largest lender by assets, has accepted $362.9 million (Dh1.33 billion) worth of bonds that were tendered by investors against its offer to buy back a $400 million bond, a document from the bank arranging the deal showed yesterday.

Last month, the lender offered to buy back the paper, originally due to mature in 2020, at 101.5 per cent of its par value, plus accrued interest and had set November 27 as the tender expiration date. (Reuters)