Offering comes as Bahrain battles budget deficit as lower oil price dents state revenues
Bahrain has launched a $2 billion bond offering comprising a $1 billion sukuk and a $1 billion conventional bond, according to a lead.
The sovereign will price the long seven-year sukuk at 5.625 percent. That compares with initial thoughts of 6 percent area and guidance of 5.75-5.875 percent.
Bahrain will also price a 12-year conventional bond at 7 percent. That compares with initial thoughts of 7.25 percent area and guidance of 7.125 percent area.
The combined book closed in excess of $7 billion.
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.