CBB International Sukuk Programme Company Issues USD 1 Billion Sovereign Sukuk

CBB International Sukuk Programme Company (CISP) has issued a USD 1 billion sovereign Sukuk on the 14th of May 2020. The Sukuk carries a profit rate of 6.25%, payable bi-annually, with the first profit payment expected on the 14th of November 2020. National Bank of Bahrain, JP Morgan, and Standard Chartered Bank, were amongst the arrangers of this deal.

The purpose of this financing is to assist the Government of Bahrain in the funding of its fiscal deficit, with the Government anticipating a 4% fiscal deficit for 2020. According to the IslamicMarkets Sukuk Monitor, the Sukuk has been listed on Euronext Dublin Exchange, Ireland’s main Stock Exchange.

This Sukuk is set to mature...