DUBAI, Sept 24 (Reuters) - Bahrain started marketing on Tuesday U.S. dollar denominated sukuk, or Islamic bonds, due in 2027 and 12-year conventional bonds, a document issued by one of the banks leading the deal showed.
The long seven-year sukuk offer an initial profit rate of 4.875-5% while the conventional notes offer 5.875-6%. The issuance will be of benchmark size, so presumably upwards of $500 million for each tranche.
BNP Paribas, Citi, Gulf International Bank, JPMorgan, National Bank of Bahrain and Standard Chartered Bank have been hired to arrange the issue. (Reporting by Davide Barbuscia, editing by Louise Heavens)