February 21, 2017 / 1:40 PM / 5 months ago

Bahrain launches US$600m increase of October 2028 bond at 6.65%

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LONDON, Feb 21 (IFR) - The Kingdom of Bahrain has launched a US$600m tap of its US$1bn October 2028 bond at a yield of 6.65%, according to a lead.

Demand is in excess of US$2.6bn.

Guidance was at 6.75% area while the reopening was initially marketed at 6.85% area.

The bond closed on Monday at a bid yield of 6.55%, according to Thomson Reuters data.

The 144A/Reg S deal is today's business via Bank ABC, BNP Paribas, Credit Suisse, JP Morgan (B&D) and Standard Chartered.

Bahrain is rated BB- by Standard & Poor's and BB+ by Fitch. (Reporting by Sudip Roy, editing by Julian Baker)

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