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3 months ago
Bahrain's Al Baraka Banking gets orders in excess of $1 bln for dollar sukuk -lead
May 23, 2017 / 9:22 AM / 3 months ago

Bahrain's Al Baraka Banking gets orders in excess of $1 bln for dollar sukuk -lead

DUBAI, May 23 (Reuters) - Bahrain's Al Baraka Banking Group has received orders in excess of $1 billion for its planned U.S. dollar-denominated sukuk, a document issued by one of the banks leading the deal showed on Tuesday.

The perpetual Tier 1 Islamic bond, non callable for five years, is of benchmark size, which usually means upwards of $500 million. The sukuk is being marketed with a price guidance in the low to mid 8 percent area and will price later on Tuesday.

Standard Chartered Bank is coordinating the issuance, and is joined as a bookrunner by Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, KFH Capital, Noor Bank, and QInvest.

Reporting by Davide Barbuscia; Editing by Susan Fenton

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