Latest news with #GlobalMediumTermNoteProgramme
Zawya
01-05-2025
- Business
- Zawya
Bahrain prices $1.75bln sukuk and $750mln bond
Prices have tightened for Kingdom of Bahrain's Regulation S/144A benchmark-sized USD-denominated dual tranche issuances. They came in at 6.25% for the $1.75 billion 8-year sukuk, narrowing from initial price thoughts (IPTs) of around 6.625%, and around 7.50% for the $750 million 12-year bond, narrowing from 7.750%. Combined books were at $6.3 billion (excluding joint lead manager interest), with a skew to the sukuk tranche. The 8-year Ijara/Murabaha sukuk issuance is under the Bahrain's Trust Certificate Issuance Programme and the 12-year senior, unsecured bond is issued under Bahrain's Global Medium Term Note Programme. (Writing by Brinda Darasha; editing by Bindu Rai)
Zawya
30-04-2025
- Business
- Zawya
IPTs out for Bahrain's dual tranche USD issuances
Initial price thoughts (IPTs) for the Kingdom of Bahrain's Regulation S/144A benchmark-sized USD-denominated dual tranche issuances are around 6.625% for the 8-year sukuk and around 7.750% for the 12-year bond. Bahrain, acting through the Ministry of Finance and National Economy, had mandated banks to arrange a series of virtual fixed income investor calls on Tuesday, 29 April. The 8-year Ijara/Murabaha sukuk issuance is under the Bahrain's Trust Certificate Issuance Programme and the 12-year senior, unsecured bond is issued under Bahrain's Global Medium Term Note Programme. The kingdom is rated B+ (negative outlook) by both Fitch Ratings and S&P. Last week S&P downgraded Bahrain's outlook to "negative" from "stable" citing ongoing market volatility and weaker financing conditions that could increase the government's interest burden. Citi, First Abu Dhabi Bank, HSBC, JP Morgan and National Bank of Bahrain have been picked as joint global coordinators. Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, KFH Capital and KIB Invest are mandated as joint bookrunners on the sukuk tranche. Together with the global coordinators, Bank ABC and Emirates NBD Capital are mandated as joint bookrunners on the bond tranche. The proceeds of the issuances will be utilised for general budgetary purposes. The sukuk and bonds, which will be listed on the London Stock Exchange, are expected to be rated B+ by Fitch and S&P. (Writing by Brinda Darasha; editing by Seban Scaria)
Zawya
29-04-2025
- Business
- Zawya
Bahrain mandates banks for USD 8-year sukuk, 12-year bond
Bahrain, acting through the Ministry of Finance and National Economy, has mandated banks to arrange a series of virtual fixed income investor calls commencing on Tuesday, 29 April 2025. A Regulation S /144A benchmark size dual tranche USD-denominated fixed rate transaction consisting of an 8-year sukuk under the Bahrain's Trust Certificate Issuance Programme and a 12-year senior, unsecured bond under Bahrain's Global Medium Term Note Programme will follow, subject to market conditions. The kingdom is rated B+ (negative outlook) by both Fitch Ratings and S&P. Last week S&P downgraded Bahrain's outlook to "negative" from "stable" citing ongoing market volatility and weaker financing conditions that could increase the government's interest burden. Citi, First Abu Dhabi Bank, HSBC, JP Morgan and National Bank of Bahrain have been picked as joint global coordinators. Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, KFH Capital and KIB Invest are mandated as joint bookrunners on the sukuk tranche. Together with the global coordinators, Bank ABC and Emirates NBD Capital are mandated as joint bookrunners on the bond tranche. The proceeds of the issuances will be utilised for general budgetary purposes. The sukuk and bonds, which will be listed on the London Stock Exchange, are expected to be rated B+ by Fitch and S&P. (Writing by Brinda Darasha; editing by Seban Scaria)
Zawya
20-02-2025
- Business
- Zawya
Qatar markets dual tranche USD bonds; IPTs out
The State of Qatar, via the finance ministry, is marketing US dollar three-year and 10-year bonds at initial price thoughts in the Treasuries plus 60 basis points (bps) area and Treasuries + 80bps area respectively. The senior, unsecured 144A/Reg S notes will be listed on the London Stock Exchange. JP Morgan, QNB Capital and Standard Chartered are global coordinators, as well as joint lead managers with Banco Santander, Barclays, Citigroup, Credit Agricole, Deutsche Bank, Goldman Sachs and SMBC Nikko. Qatar is rated Aa2 (Moody's), AA (S&P) and AA (Fitch) (all stable outlook) and the issuance rating is expected to mirror that. The issuance comes under Qatar's Global Medium Term Note Programme. After a gap of four years, the sovereign raised $2.5 billion in May 2024 with a dual tranche green issuance, the first by a GCC member. Pricing was tight with the five-year green bond priced at T+ 30bps down from 70bps and the 10-year green bond closed at T+ 40bps, against 80bps. (Writing by Brinda Darasha; editing by Seban Scaria)
Zawya
18-02-2025
- Business
- Zawya
The Arab Energy Fund mandates banks on Reg S USD 5-year bond
The Arab Energy Fund (TAEF) has mandated banks to arrange a series of fixed income investor calls on Tuesday, 18 February 2025. A benchmark USD-denominated Regulation-S offering with a five-year tenor is expected to follow, subject to market conditions. TAEF, a multilateral impact investor, was formerly known as Arab Petroleum Investments Corporation. It was set up in 1975 and is funded by 10 governments--Saudi Arabia, Kuwait, the UAE, Libya, Qatar, Iraq, Algeria, Egypt, Bahrain and Syria, and had assets of over $10 billion as of June, 2024. It is rated Aa2 (stable outlook) by Moody's, AA- (stable outlook) by S&P, and AA+ (stable outlook) by Fitch. Nomura, BSF Capital, Mashreq and Standard Chartered Bank are the joint lead managers. The notes will be issued under Arab Petroleum Investments Corporation Global Medium Term Note Programme, with an expected rating of Aa2 by Moody's and AA+ by Fitch. The proceeds will be used for general corporate purposes. The notes will be listed on Euronext Dublin. (Writing by Brinda Darasha; editing by Seban Scaria)
