Bahrain builds curve out to 30 year with one eye on infrastructure

By Steven Gilmore
11 Sep 2014

The Kingdom of Bahrain set a benchmark for its borrowers to follow when it issued the country’s first 30 year bond this week. Movements in the underlying US Treasury market sidelined some emerging market accounts but a final book of almost $6bn ensured a minimal new issue premium for a bond providing an important reference point for Bahraini project finance.

“They want to open up the long end to other entities over the course of the next few years,” said one debt banker involved in the deal. “Like most of the Middle East, there is a lot of infrastructure planned in the next two ...

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