Bahrain launches $1.5bn bond, sees demand of $2.4bn

Deal is split between a $700m January 2021 bond and a $800m January 2026 note
Bahrain launches $1.5bn bond, sees demand of $2.4bn
Bahrain Central Bank. (Photo for illustrative purposes only)
By Reuters
Tue 17 Nov 2015 08:15 PM

Bahrain has launched a $1.5 billion dual-tranche offering, according to a lead.

The deal is split between a $700 million January 2021 bond at a yield of 5.875 percent and a $800 million January 2026 note that has been launched at 7 percent.

This compares to initial price thoughts of high 5 percent on the shorter note and 7 percent area on the longer-dated tranche, which was released earlier on Tuesday. Both notes have launched in line with price guidance.

Demand for the deal reached $2.4 billion.

Bank ABC, BNP Paribas, Citigroup, HSBC and JP Morgan are running the transaction, which is expected to price later on Tuesday. Bahrain is rated BBB- by Standard & Poor's and Fitch.

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