Bahrain is planning to issue a $1 billion sovereign Islamic bond and has mandated three banks for the proposed sale, banking sources said.
BNP Paribas, Citigroup and Standard Chartered have been appointed to manage the issue, the bankers with knowledge of the move said, although they gave no idea as to when the issue would happen.
The Central Bank of Bahrain had initially invited banks to pitch for a $1 billion conventional bond back in February but the results of that process were delayed because of the outbreak of political unrest in the kingdom.
While the political situation is not fully resolved, a decision to award mandates for an offering was made in the last couple of weeks, one of the sources said, with authorities choosing a sukuk route instead.
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