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.