Al Baraka Banking gives initial price guidance for dollar Sukuk

23/05/2017 09:26 AST

Bahrain's Al Baraka Banking Group has given an initial price guidance in the low- to mid-8 percent area for a potential U.S. dollar-denominated Tier 1 sukuk non-callable for five years, a document issued by one of the banks leading the deal showed on Tuesday.

The Islamic bond would be of benchmark size, which usually means upwards of $500 million, and is expected to price later on Tuesday.

The Bahraini financial institution, rated BB+ by Standard & Poor's, has mandated Standard Chartered Bank as global coordinator and Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, KFH Capital, Noor Bank, QInvest and Standard Chartered Bank as joint bookrunners.


Reuters

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