Bridging Foes, Blessing Ties: Riyadh’s role in Indo-Pak peace

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Bahraini Noga Holdings issues sukuk worth $750 million

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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.

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