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Bahrain’s NOGA eyes upsizing sukuk deal to $600 mln, tightens guidance

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Bahrain’s National Oil and Gas Holding Company (NOGA Holding) is expected to sell between $500 million and $600 million in eight-year sukuk, or Islamic bonds, on Wednesday, a document from one of the banks on the deal showed.

NOGA, wholly owned by the Bahraini government, tightened price guidance to 5.5%-5.625% from initial price guidance of 5.75%-5.875% for the sukuk, which are expected to launch later on Wednesday. It received over $2 billion in orders for the deal.

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Gulf International Bank, HSBC, JPMorgan and BNP Paribas are arranging the deal.

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