National Bank of Kuwait (NBK) signed on Wednesday a deal to manage a KD 20 million five-year bond issue by Tamdeen Real Estate Company (TREC) to expand its activities and investments.
In a press statement, NBK's Group General Manager Corporate Banking Sheikha Al-Bahar said this agreement reflects the overall importance of bonds for firms in Kuwait and the Gulf.
Tamdeen said that the bond would pay 7.25 percent annually for the first three years and 8.25 percent per year for the remaining two years. Established in 1982, Tamdeen Real Estate Company has mergeD with the Salmiya Real Estate Company in 1997.
