DUBAI, April 18 (Reuters) - Bahrain’s Al Baraka Banking Group, a sharia-compliant lender, plans to issue U.S. dollar-denominated sukuk, banking sources said on Tuesday.
The Tier 1 issue is likely to be of benchmark size, which usually means at least $500 million, and could occur in the near future, one of the sources said.
A bank spokesman told Reuters that Al Baraka was working on a Tier 1 dollar sukuk prgramme of up to $500 million, with Standard Chartered as lead adviser. The programme may be split into multiple tranches and the first issue is expected to occur within the next three months, he added.
Al Baraka issued $350 million of five-year sukuk in 2014, with Emirates NBD, Nomura International, Qinvest and Standard Chartered as joint lead managers. (Reporting by Davide Barbuscia; Editing by Andrew Torchia)