Published on 2/16/2024 in the Prospect News Emerging Markets Daily.
New Issue: Bahrain details $1 billion 6% seven-year trust certificates
By Marisa Wong
Los Angeles, Feb. 16 – The Kingdom of Bahrain acting through the Ministry of Finance and National Economy priced $1 billion of 6% trust certificates due 2031 (expected: B+/B+) at par, according to a term sheet.
The trust certificates were issued through CBB International Sukuk Program Co. WLL.
Arab Banking Corp. BSC, Dubai Islamic Bank PJSC, HSBC Bank plc, J.P. Morgan Securities plc, Mashreqbank psc (acting through its Islamic banking division), National Bank of Bahrain BSC and Standard Chartered Bank are managers for the Rule 144A and Regulation S deal.
The kingdom had announced the seven-year sukuk alongside a 12-year conventional bond, as previously reported.
Issuer: | CBB International Sukuk Program Co. WLL (Bahrain)
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Amount: | $1 billion
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Issue: | Trust certificates, series 8, tranche 1
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Maturity: | Feb. 12, 2031
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Managers: | Arab Banking Corp. BSC, Dubai Islamic Bank PJSC, HSBC Bank plc, J.P. Morgan Securities plc, Mashreqbank psc (acting through its Islamic banking division), National Bank of Bahrain BSC and Standard Chartered Bank
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Profit rate: | 6%
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Price: | Par
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Yield: | 6%
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Pricing date: | Feb. 9
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Settlement date: | Feb. 12
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Ratings: | S&P: B+
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| Fitch: B+
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Distribution: | Regulation S, Rule 144A
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Listing: | London
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ISIN: | XS2764425117, US12482TAE82
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