DUBAI, April 18 Bahrain's Al Baraka Banking
Group, a sharia-compliant lender, plans to issue U.S.
dollar-denominated sukuk, banking sources said on Tuesday.
The Tier 1 issue is likely to be of benchmark size, which
usually means at least $500 million, and could occur in the near
future, one of the sources said.
A bank spokesman told Reuters that Al Baraka was working on
a Tier 1 dollar sukuk prgramme of up to $500 million, with
Standard Chartered as lead adviser. The programme may be split
into multiple tranches and the first issue is expected to occur
within the next three months, he added.
Al Baraka issued $350 million of five-year sukuk in 2014,
with Emirates NBD, Nomura International, Qinvest and Standard
Chartered as joint lead managers.
(Reporting by Davide Barbuscia; Editing by Andrew Torchia)