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Bahrain’s nogaholding launches $750mln 10-year Islamic bond-IFR

Bahrain’s state oil holding firm nogaholding launched a $750 million 10-year Islamic bond, or sukuk, on Wednesday, capital markets publication IFR News reported, with demand for the high-yield issue driving pricing below guidance.

Order books hit more than $3.75 billion ahead of launch, allowing the company to offer a yield of 6.625% from the 7.25% initially indicated.

The company said on Monday it would hold investor calls ahead of a possible new sukuk issue under its $3 billion programme but also offered to tender existing notes for cash, conditional on the new debt sale.

Link: https://www.zawya.com/en/islamic-economy/islamic-finance/bahrains-nogaholding-launches-750mln-10-year-islamic-bond-ifr-kal1krbk

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