Bahrain's Investcorp Bank talks dollar-denominated tier I perpetual at 10-year mid-swaps plus 350 bps

By Paul A. Harris

St. Louis, June 7 - Bahrain's Investcorp Bank gave initial guidance on its dollar-denominated offering of tier I perpetual preferred stock (expected ratings Ba1/BB+) at 10-year mid-swaps plus 350 basis points, or the 9.05% area, a market source told Prospect News on Wednesday as the roadshow concluded.

It remains to be determined when the issue will be priced.

BNP Paribas, Credit Suisse and Deutsche Bank are joint lead managers for the Regulation S offering.

The issue will be non-callable for 10 years and will contain a coupon step-up in the event that the issue is not called.

The prospective issuer is financial institution based in Manama, Bahrain.

Moody's Investors Service assigns its Baa2 senior debt rating to Investcorp Bank. The Standard & Poor's senior debt rating is BBB.

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