Bahrain started marketing on Tuesday U.S. dollar denominated sukuk, or Islamic bonds, due in 2027 and 12-year conventional bonds, a document issued by one of the banks leading the deal showed.
The long seven-year sukuk offer an initial profit rate of 4.875-5% while the conventional notes offer 5.875-6%. The issuance will be of benchmark size, so presumably upwards of $500 million for each tranche.
BNP Paribas, Citi, Gulf International Bank, JPMorgan, National Bank of Bahrain and Standard Chartered Bank have been hired to arrange the issue.
Source Reuters