Published on 5/14/2020 in the Prospect News Emerging Markets Daily.
New Issue: Bahrain’s CBB unit issues $1 billion 6¼% sukuk due 2024 at par
By Sarah Lizee
Olympia, Wash., May 14 – Bahrain, acting through the Ministry of Finance and National Economy, issued a $1 billion 6¼% series 2 senior sukuk due Nov. 14, 2024 (B+/BB-) at par on Thursday with CBB International Sukuk Programme Co. SPC as issuer, according to a term sheet.
Stabilization managers included Bank ABC, Gulf International Bank, HSBC, National Bank of Bahrain and Standard Chartered Bank, and J.P. Morgan Securities plc was the stabilization coordinator the Regulation S and Rule 144A deal.
| Issuer: | CBB International Sukuk Programme Co. SPC
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| Issue: | Series 2 senior sukuk
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| Amount: | $1 billion
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| Maturity: | Nov. 14, 2024
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| Managers: | Bank ABC, Gulf International Bank, HSBC, National Bank of Bahrain and Standard Chartered Bank, with J.P. Morgan Securities plc as stabilization coordinator
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| Coupon: | 6¼%
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| Price: | Par
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| Yield: | 6¼%
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| Settlement date: | May 14
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| Ratings: | S&P: B+
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| Fitch: BB-
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| Distribution: | Regulation S and Rule 144A
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