Bahrain

A 12 month roller coaster ride for US rates expectations has ended with the 10 year Treasury yield back where it started, and in the meantime the CEEMEA bond market has been turned on its head for completely unrelated reasons.

Bahrain took $1.5bn from a dual tranche deal this week. But despite the unusual size of each tranche and the lack of price tightening, rival bankers kept their knives sheathed in recognition of how difficult the Middle East market has become.

Bahrain opened books on a dual tranche dollar deal on Tuesday morning, which some investors think could be its last as a pure investment grade credit.

Bahrain has picked banks for investor meetings ahead of a dollar bond deal and starts investor meetings this week.

Bahrain’s Bank ABC has hired two bankers as it expands its syndication business.

Bahrain is planning a dual tranche international bond deal, according to bankers that have seen the Kingdom’s request for proposals (RFP).

Bahrain began a roadshow this week to gauge demand for a conventional dollar deal. Analysts expect its borrowing needs to rise sharply in order to stem a growing fiscal deficit, but this worrying trend could also turn some investors away.