BMA launches international road show for $250 million Islamic bond issue
The Bahrain Monetary Agency (BMA) is set to commence roadshows for its first international Islamic bond issue. The $250 million issue of Ijara sukuk is the ninth in BMA’s Ijara sukuk series. It will bring to a total of $1.03 billion the value of Islamic leasing bonds issued by the Agency.
Bahrain-based Citi Islamic Investment Bank was, earlier, mandated by the BMA to act as the arranger and structuring advisor for the five-year, floating rate note, while Citigroup Global Markets is the sole bookrunner and lead manager.
Roadshows, being launched on February 25, 2004, will cover the Gulf Cooperation Council (GCC) as well as Malaysia. The sukuk will be listed on the Bahrain Stock Exchange (BSE) and the Luxembourg Stock Exchange (LX). In the future, the issue may be listed on other stock exchanges as well.
It is BMA’s debut issue in the global capital market, with all previous issues offered successfully in the domestic market. The upcoming issue is endorsed by the Bahrain-based International Islamic Financial Market (IIFM), an international Islamic institution which promotes active trading of Islamic capital market instruments. — (menareport.com)
© 2004 Mena Report (www.menareport.com)