Islamic bond will have a three-year tenor
Bahrain-based Gulf International Bank (GIB) has completed a $300m three-year sukuk (Islamic bond) issue priced at 130 basis points above the London interbank offered rate (Libor).
The deal was arranged by the US’ JP Morgan and was done as a private placement with institutional investors.
GIB is 97.2 per cent owned by the Public Investment Fund, an investment vehicle owned by the government of Saudi Arabia.
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