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Bahrain's GFH to raise $300 million with sukuk

Published 01/21/2020, 05:16 AM
Updated 01/21/2020, 05:21 AM
© Reuters.  Bahrain's GFH to raise $300 million with sukuk

© Reuters. Bahrain's GFH to raise $300 million with sukuk

DUBAI (Reuters) - Bahrain-based GFH Financial Group is set to raise $300 million on Tuesday with five-year sukuk, or Islamic bonds, a document showed.

The investment group started marketing the notes on Tuesday with an initial yield guidance of around 7%.

The sale received over $650 million in demand, the document showed.

The issuer is rated B by S&P and Fitch.

Societe Generale (PA:SOGN) and Standard Chartered (LON:STAN) have been hired to coordinate the deal and they are joint lead managers together with Emirates NBD Capital, KAMCO Investment, Mashreqbank, SHUAA Capital and Warba Bank.

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