LONDON, Oct 4 (IFR) - The Kingdom of Bahrain has launched a US$2bn bond offering comprising a US$1bn sukuk and a US$1bn conventional bond, according to a lead.
The sovereign will price the long seven-year sukuk at 5.625%. That compares with initial thoughts of 6% area and guidance of 5.75%-5.875%.
Bahrain will also price a 12-year conventional bond at 7%. That compares with initial thoughts of 7.25% area and guidance of 7.125% area.
The combined book closed in excess of US$7bn.
The 144A/Reg S transaction is today’s business via Bank ABC, BNP Paribas, Credit Suisse, JP Morgan, Standard Chartered Bank.
Bahrain is rated BB (stable) by Standard and Poor’s and BB+ (stable) by Fitch. (Reporting by Sudip Roy, editing by Julian Baker)