- Kingdom of Bahrain sold a $600 million sovereign eurobond through a tap issue to a $1 billion bond issued in October 2016.
- Listed on the Irish Stock Exchange, the RegS/Rule 144A notes have a coupon of 7% and mature in October 2028.
- Bank ABC, BNP Paribas, Credit Suisse, JP Morgan Securities, and Standard Chartered Bank were joint lead managers on the issue, National Bank of Bahrain was co-manager.
- Bahrain, like other Gulf states, has been issuing bonds to fill gaps in its budget caused by the low oil price.
- Bahrain sold more than $3 billion bonds in 2016, with a mix of international and domestic issues of conventional and Islamic debt.
Ben Naylor - Regional editor