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LONDON - J.P. Morgan Securities PLC has announced its role as Stabilisation Coordinator for the newly offered securities by CBB International Sukuk Programme Company W.L.L., which may involve market stabilization activities following their recent issuance. The securities, guaranteed by The Kingdom (TADAWUL:4280) of Bahrain through the Ministry of Finance and National Economy, are USD 8-year Sukuk Ijara/Murabaha Senior Unsecured Notes listed on the London Stock Exchange (LON:LSEG).
The stabilization period, which is expected to commence today, is set to last no longer than 30 days from the issue date, ending by May 30, 2025. During this time, J.P. Morgan Securities and additional Stabilisation Managers, including Citi and HSBC among others, are authorized to over-allot securities up to 5% of the aggregate nominal amount and engage in transactions to support the market price of the securities.
The stabilization mechanism is a common practice aimed at maintaining market stability and confidence after the launch of new securities. It involves buying and selling shares in the market to prevent sharp fluctuations in their price. However, there is no guarantee that stabilization will occur, and if initiated, it may end at any time within the stipulated period.
The offer and stabilization efforts are directed at professional investors and high net worth individuals in the United Kingdom, with the securities not being offered or sold in the United States due to regulatory restrictions.
This move comes as part of a broader strategy to ensure a stable and orderly market for the new securities, with J.P. Morgan Securities and the other named financial institutions working within the confines of the Commission Delegated Regulation EU/xxx/2016 under the Market Abuse Regulation (EU/596/2016).
The over-the-counter trading venue for the stabilization trades has yet to be confirmed, and the offer price of the securities is to be determined. This information is based on a press release statement and is intended for informational purposes, not constituting an offer for sale or a solicitation of an offer to buy any securities.
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