(Adds pricing analysis)
By Sudip Roy
LONDON, Feb 21 (IFR) - The Kingdom of Bahrain has started marketing a tap of its US$1bn October 2028 bond, with a 30bp new issue premium.
The sovereign has announced initial price thoughts of 6.85% area. The bond closed on Monday at a bid yield of 6.55%, according to Thomson Reuters data.
The sovereign is seeking to raise up to US$600m through the tap.
The 144A/Reg S deal is today's business. Bank ABC, BNP Paribas, Credit Suisse, JP Morgan (B&D) and Standard Chartered are the leads.
Bahrain is rated BB- by Standard & Poor's and BB+ by Fitch. (Reporting by Sudip Roy, editing by Julian Baker)