The National Bank of Kuwait (NBK) plans to issue dollar-denominated bonds to boost its capital, adopting Basel III’s standards.

The issued bonds amount to $650 million, with a return standing at 5.8%.

The remittances will reach around $1.4 billion, and can be replaced from NBK in the sixth year.

The bank has authorized HSBC and Standard Chartered as joint global coordinators for the Tier 1 bond, in addition to Citigroup, National Bank of Abu Dhabi, NBK Capital as joint lead managers.