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Burgan Bank Said to Be Holding Investor Meetings to Sell Bonds

Burgan Bank SAK, part-owned by Kuwait Projects Co., is holding investor meetings that may lead to a bond sale, two bankers familiar with the plan said.

The lender hired JPMorgan Chase & Co., Morgan Stanley and Standard Chartered Plc to manage the meetings in Asia, Europe and the Middle East, said the bankers, who declined to be identified because the talks are private. The meetings started Sept. 9.

Burgan Bank’s shareholders approved the sale of as much as 140 million dinars ($478 million) of bonds, according to a June 7 statement. Burgan is rated A2 by Moody’s Investors Service, its sixth-highest investment-grade score, and two steps lower at BBB+ by Standard & Poor’s.

A spokesman for Burgan Bank couldn’t immediately be reached for comment. Spokesmen for JPMorgan, Morgan Stanley and Standard Chartered also couldn’t be reached.

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