May 23, 2017 / 4:37 AM / in 6 months

Bahrain's Al Baraka Banking gives initial price guidance for dollar sukuk - lead bank

DUBAI, May 23 (Reuters) - Bahrain’s Al Baraka Banking Group has given an initial price guidance in the low- to mid-8 percent area for a potential U.S. dollar-denominated Tier 1 sukuk non-callable for five years, a document issued by one of the banks leading the deal showed on Tuesday.

The Islamic bond would be of benchmark size, which usually means upwards of $500 million, and is expected to price later on Tuesday.

The Bahraini financial institution, rated BB+ by Standard & Poor‘s, has mandated Standard Chartered Bank as global coordinator and Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, KFH Capital, Noor Bank, QInvest and Standard Chartered Bank as joint bookrunners. (Reporting by Davide Barbuscia; Editing by Sunil Nair)

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