February 21, 2017 / 11:35 AM / 9 months ago

Bahrain guidance for reopening US$1bn October 2028 bond

Feb 21 (IFR) - The Kingdom of Bahrain has released guidance for a tap of its US$1bn October 2028 bond at 6.75% area, according to a lead.

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 sovereign has capped the tap at US$600m. The order books are in excess of US$1.6bn.

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 Robert Hogg; editing by Sudip Roy)

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