Bahrain's Gulf International Bank updates $4 bln bond programme

DUBAI, Sept 25 Tue Sep 25, 2012 6:17pm IST

Stocks

   

DUBAI, Sept 25 (Reuters) - Gulf International Bank , a Bahrain-headquartered lender, has published an updated prospectus for its $4 billion euro medium term note (EMTN) programme on the London Stock Exchange.

Proceeds from any potential debt issue will be for general corporate purposes, the prospectus said.

Barclays is sole arranger for the programme but is joined by 13 other banks as dealers, according to the prospectus dated Sept 25. Issuance under the programme can be in any currency.

The original bond program was set up in 2009.

In May, GIB established another 3.5 billion Malaysian ringgit Islamic bond, or sukuk programme, but has not issued any bonds under the programme yet.

Despite its name and its base in Bahrain, GIB is 97.2 percent owned by the Saudi Arabia government, a level of risk international investors are likely to be more comfortable with. Other shareholders are Gulf sovereign wealth funds, including Kuwait Investment Authority and Qatar Holding.

GIB said in the prospectus that it expects about $69 million of non-performing exposure to become performing by the end of 2012 after restructuring negotiations currently underway are finalised. (Reporting by Rachna Uppal; Editing by Dinesh Nair)

  • Most Popular
  • Most Shared