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Bahrain’s Gulf International Bank prices $300M sukuk

Bahrain's Gulf International Bank has priced a three-year $300 million Islamic bond or sukuk at a profit rate of 130 basis points over six-month LIBOR, it said in a statement on Wednesday.

December 8, 2011 9:14 by

The sukuk was placed with a number of institutional investors with JP Morgan acting as sole manager of the placement, the bank said.

The Public Investment Fund of Saudi Arabia owns 97.2 per cent of GIB.

“The funds raised will allow us to refinance our existing term finance maturities, further diversify our investor base and provide the resources to progress our business strategy,” said Yahya Alyahya, GIB’s chief executive. (Reporting by Praveen Menon)

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