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)
Amount:	$1 billion
Issue:	Trust certificates, series 8, tranche 1
Maturity:	Feb. 12, 2031
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
Profit rate:	6%
Price:	Par
Yield:	6%
Pricing date:	Feb. 9
Settlement date:	Feb. 12
Ratings:	S&P: B+
	Fitch: B+
Distribution:	Regulation S, Rule 144A
Listing:	London
ISIN:	XS2764425117, US12482TAE82

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