Bahraini Noga Holdings issues sukuk worth $750 million

Order book volume topped $3.75 billion before the offering, helping Nougat Holding Company offer a yield of 6.625%, down from an initial indicative yield of 7.25%, according to Reuters.

The company said on Monday it would hold investor meetings ahead of a possible new sukuk issuance under the $3 billion program, but also launched a bid to buy back existing bonds, tying it to the new show.

The company is 100% owned by the Bahraini government and is rated B+ by Fitch Ratings. According to an investor presentation, Noga Holdings made $1.06 billion in net profit last year, up from $466 million in 2021 and after a net loss of $130 million in 2020.

The company has appointed Bank ABC, Citi, First Abu Dhabi Bank, HSBC, JPMorgan and National Bank of Bahrain as lead managers and joint bookrunners.

Read the Latest World News Today on The Eastern Herald.

More

Show your support if you like our work.

Author

Arab Desk
Arab Desk
The Eastern Herald’s Arab Desk validates the stories published under this byline. That includes editorials, news stories, letters to the editor, and multimedia features on easternherald.com.

Editor's Picks

Trending Stories

Daisy Drew controversy: Why leaks never break her brand

Daisy Drew controversy has become a recurring headline in...

Broadcom lifts Q4 revenue forecast on soaring AI chip demand

California– Broadcom, the California-based semiconductor giant, projected stronger-than-expected fourth-quarter...

Giorgio Armani’s death raises questions over the future of his fashion empire

Milan — The death of Italian designer Giorgio Armani...

Europe hides NATO expansion behind Ukraine ‘security guarantees’

Paris — French President Emmanuel Macron announced Thursday that...

Sonny Angels Hippers vs regular Sonny Angels

How Hippers compare to the original figurinesThe Sonny Angels...

ChatGPT Zero: What it means and what people get wrong

ChatGPT Zero commonly refers to tools or ideas aimed...

Zelenskyy’s desperate security guarantees expose Ukraine as NATO’s puppet

Moscow — Russia has rejected Ukrainian President Volodymyr Zelenskyy’s...

Discover more from The Eastern Herald

Subscribe now to keep reading and get access to the full archive.

Continue reading