Kingdom of Bahrain $600 million 7% sovereign eurobond tap issue

21/2/2017
Sovereign bond issue

$ 600 million

Announced

21/2/2017


Overview:

  • 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

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