Calyon, appointed sole arranger and underwriter for a USD 350 million Sukuk (Islamic bond) for the Ministry of Finance of Bahrain

Calyon has just closed a USD 350 million Sukuk (Islamic bond) for the Ministry of Finance, Kingdom of Bahrain, through the Central Bank of Bahrain. Calyon was appointed sole arranger and underwriter on the transaction which attracted firm interest at 2.5 times the target issue amount.

This was the first Sukuk issue from the Government of Bahrain since 2004 and represents an important new benchmark issue from a prime name in this rapidly growing market. The Kingdom of Bahrain remains at the heart of the Islamic banking industry and this issue exemplifies the commitment to the development of this market. The issue carries an A rating from S&P and Fitch. The transaction structure and documentation was reviewed and approved by a board of eminent Sharia scholars.

Simon Eedle, Head of Islamic Banking at Calyon, emphasized the importance of this transaction for the market, and expressed his satisfaction at Calyon being appointed sole arranger for this extremely prestigious financing.

"Calyon is fully committed to the development of the Islamic market and we have brought together professionals from within the bank with a wide range of expertise in various disciplines to ensure the success of this deal. Bahrain is leading the way in developing Islamic banking and this transaction underlines the commitment of the authorities to provide an environment conducive to the growth of this important market" said Mr. Eedle.

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