Bahrain shocks syndicates with sky-high starting point

bahrain
By Steven Gilmore
24 Jul 2013

Bahrain brought a new 10 year dollar bond to market on Wednesday morning, surprising syndicate bankers away from the deal with a new issue premium they said was unheard of for an investment grade credit.

Bookruners BNP Paribas, Citi, Gulf International and JP Morgan approached investors with price thoughts in the 6.5% yield area. This represented a 65bp-67bp concession over the borrower’s outstanding curve, bankers away from the deal said, though leads argued it was lower.

Bahrain has a 2022 conventional dollar ...

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