Deal is split between a $700m January 2021 bond and a $800m January 2026 note
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.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.