Extraordinary rates and hope of support drive $15bn Bahrain book

Bahrain flag 230x150
By Virginia Furness
14 Sep 2017

Bahrain raised $3bn this week, reopening the market for Gulf bonds after a long summer of political tension in the region. Despite deteriorating financials and a rising debt burden, exceptional market conditions, and expectations of support from its larger neighbour, boosted the book to $15bn, writes Virginia Furness.

S&P unceremoniously dumped Bahrain from investment grade status in February last year and the country has been on a negative ratings trajectory ever since. Moody’s, which downgraded the kingdom from B1 to Ba2 in July, wrote that it expected the credit profile of the Bahraini government will continue ...

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