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DUBAI, May 23 (Reuters) - Bahrain's Al Baraka Banking Group has launched a $400 million Tier 1 sukuk with a 7.875 percent profit rate, a document issued by one of the banks leading the deal showed on Tuesday.
Initial price guidance for the perpetual Islamic bond, which is non callable for five years, was set in the low- to mid-8 percent area earlier on Tuesday.
Standard Chartered Bank is the global coordinator for the transaction, joined as bookrunner by Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, KFH Capital, Noor Bank, and QInvest.
Reporting by Davide Barbuscia; Editing by Susan Fenton