Bahrain sells triple-trancher, following fellow HY Gulf sovereign Oman

AdobeStock_Bahrain_Coronavirus_575x375_17Aug2020
By Mariam Meskin
20 Jan 2021

The Kingdom of Bahrain launched a $2bn triple-tranche bond on Wednesday, the second sovereign trade from the Gulf region this year. Both trades have, somewhat unexpectedly, been done by junk-rated governments.

Bahrain, rated B+ by Standard & Poor's and Fitch, raised $2bn over three maturities: a $500m 4.25% January 2028 tranche, a $1bn 5.250% January 2033 tranche and a $500m 6.250% January 2051 tranche — the latter of which was dependent on investor feedback.

The tranches received initial price thoughts of 4.875% area, 5.750% area ...

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