close

policy

We would like to invite you to continue a survey you have started. ...

Do you trust your insurer ?

Strongly agree
Agree
Disagree
Strongly disagree
Insurance provides peace of mind
Insurance is purchased only when compulsory
Terms and Conditions (small print) are clear and easily accessible
Insurance jargon (language) stands in the way of fully understanding each policy
Insurance companies try their best to uphold the details of the policy without cutting corners
Reducing risk, cutting costs and profits are more important to an insurance company than the customer
Insurance companies in the region are as professional as in other more developed markets
Gender
Age group
Do you feel your insurance provider works in your interest?
Have you had a rejected claim that you feel was not justified?
Do you trust your insurance provider?
Our Network

Register for our free newsletter

 
 
Latest News

Bahrain plans $1B sovereign Islamic bond

Gulf Arab state Bahrain is planning to issue a $1 billion sovereign Islamic bond and has mandated three banks for the proposed sale, banking sources said.

0

September 27, 2011 11:14 by



BNP Paribas , Citigroup and Standard Chartered have been appointed to manage the issue, the bankers with knowledge of the move said, although they gave no idea as to when the issue would happen.

The Central Bank of Bahrain had initially invited banks to pitch for a $1billion conventional bond back in February but the results of that process were delayed because of the outbreak of political unrest in the kingdom.

While the political situation is not fully resolved, a decision to award mandates for an offering was made in the last couple of weeks, one of the sources said, with authorities choosing a sukuk route instead.

“A sukuk is the right instrument for them,” the source said.

“A lot of Saudi investors would buy into it, while there will be appetite from the Islamic funds on the island. This is important because it is not going to appeal to international investors unless there is a huge premium.”

Bahrain last tapped the international debt market in March 2010, when it printed a $1.25 billion ten-year bond through BNP Paribas, Deutsche Bank and JP Morgan.

Costs to insure Bahrain, and other Gulf, sovereign debt have ballooned in recent days, with spreads thrown wider by risk averse investors rattled by global economic uncertainty.

The bid yield on Bahrain’s $1.25 billion 5.5 percent Eurobond maturing 2020 was at 6.110 percent at 1126 GMT on Monday, Thomson Reuters data showed, down from highs in the first quarter of the year. (Reporting By David French and Rachna Uppal; Editing by Ron Askew)



0

Tags: , , , , , , , , ,

Leave a Comment