Published: June 28, 2012
Latest issuance more than 400% oversubscribed.
The Kingdom of Bahrain has issued a US$1.5bn bond, which was more than 400% oversubscribed.
The bond was issued over 10 years on a 6.125% coupon to asset managers, hedge funds, banks and pension funds in the US, Europe and Asia.
This is the kingdom’s first conventional issuance for some two years and follows its US$750mn sukuk in November.
The central bank intends to create a yield curve with this issuance for long-term government bonds.
Citi, JP Morgan, Standard Chartered and Gulf International Bank were the bookrunners.
Bahrain has a BBB/BBB rating, with a stable outlook from Standard & Poor’s and Fitch.