Bahrain has started marketing seven-year sukuk and 12-year conventional bonds. (File photo: Reuters)
Bahrain started marketing on Tuesday a US dollar denominated sukuk, a Sharia-compliant bond, due in 2027 and 12-year conventional bonds, a document issued by one of the banks leading the deal showed.
The seven-year sukuk offer an initial profit rate of 4.875 to five percent while the conventional notes offer 5.875 to six percent. 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.
