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

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 ...Already a subscriber? Login