October 4, 2016 / 1:07 PM / a year ago

Bahrain launches US$2bn bond offering

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)

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