Bahrain International Bank (BIB) has launched its second $60 million issue of floating rate notes (FRN). The issue of fiveyear notes, which is part of the offshore bank’s medium-term funding programme, opened on 10 June with France’s BNP Capital Markets as lead manager and HSBC Markets and SBC Warburg as co-lead managers.
The notes carry interest at the six-month London interbank offered rate (Libor) plus 137.5 basis points and include an option to be sold back after three years. The issue, which closes in two weeks, is aimed principally at investors outside the Gulf, the bank’s deputy general manager, David Knights, says.
BIB, a Bahrain-based offshore bank, made a $50 million issue of three-year FRNs last year, which was increased to $60 million to meet demand for the instruments and was still oversubscribed.