DUBAI: National Bank of Kuwait sold $300 million in Tier 2 bonds with a 10-year maturity, non-callable for five years, at 2.5% on Tuesday, two sources said.

It began marketing the bonds at around 2.875% earlier on Tuesday and received more than $1 billion in orders.

Citi and NBK Capital arranged the debt sale, the sources said. Citi declined to comment and NBK did not immediately respond to a request for comment.