Kuwait’s Warba Bank lists USD 500 mn green sukuk issuance on Nasdaq Dubai

Kuwait’s Warba Bank listed its USD 500 mn green sukuk on Nasdaq Dubai yesterday, the fourth listing under their USD 2 bn trust certificate issuance programme, according to the Dubai Media Office.

Background: The five-year issuance — which kicked off in July — was 3.6x oversubscribed, drawing in USD 1.8 bn in orders. This is the bank’s third sukuk listing on Nasdaq Dubai, with a total of USD 1.25 bn listed.

More to come from Kuwait? The National Bank of Kuwait (NBK) was prepping a 6-year green bond issuance in May. NBK is planning to follow the green bond issuance with another USD-denominated senior unsecured Green Notes under NBK’s Global Medium Term Note Programme (pdf) launched last year with the aim of issuing USD 5 bn worth of notes denominated in any currency.

The listing brings Nasdaq Dubai’s total outstanding value of debt to USD 134 bn, and its ESG listings to USD 30 bn. ESG Sukuk currently accounts for USD 18 bn, according to the statement.