Tamdeen to Issue $68.4 Million Bond

KUWAIT, 30 August 2005 — Kuwait’s Tamdeen Real Estate Co. plans to issue a five-year, 20 million dinar ($68.4 million) bond next month, the company said yesterday. The company said in local newspaper advertisements 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. It said the Central Bank of Kuwait had the right to adjust the interest rate at the date of issue in line with any changes in the bank’s benchmark dinar discount rate. Interest is payable every six months.