DUBAI, Sept 25 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
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
(Reporting by Rachna Uppal; Editing by Dinesh Nair)