Bahrain Said to Raise $435 Million From Privately Placed Sukuk
- Noor Bank, Bank ABC and Kuwait Finance House debt arrangers
- Three-year debt’s profit rate 325 basis points over midswaps
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Bahrain, whose debt rating was lowered by Moody’s Investors Service on the weekend, tapped the dollar-bond market for a second time in three months, according to two people familiar with the matter.
The Gulf nation appointed Noor Bank, Bank ABC and Kuwait Finance House to arrange a $435 million, privately placed Islamic offering, the people said, asking not to be identified because the information is private. The three-year debt will have a profit rate of 325 basis points over midswaps. Moody’s on Saturday reduced Bahrain’s long-term credit rating one step to Ba2, two levels below investment grade.