Bahrain’s central bank plans to issue a $1.2bn Sukuk issue, and has reportedly mandated a group of banks to arrange the issue.
The proposed issue, an unsecured 144A/Regulation S Ijara/Murabaha sukuk mandated by the government, will be USD-denominated and will have a seven-year maturity period.
It will be listed on the London Stock Exchange’s Main Market, with a maturity date of June 5, 2032, and a settlement date of December 5, 2024.
Bahrain sukuk plan
It will carry a fixed coupon rate of 5.875 per cent.
Joint lead managers for the deal include Dubai Islamic Bank, First Abu Dhabi Bank, JP Morgan, KIB Invest, Mashreqbank, National Bank of Bahrain and Standard Chartered Bank.
The Central Bank of Bahrain (CBB) is rated B+ by both S&P Global Ratings and Fitch Ratings, with a stable outlook.
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